(MENAFN) According to MEED Projects, investor are increasing the amount of their investments in Egypt, in light of the recent economic revival that is happening in the country which resulted in the country currently having more than USD173 billion in un-awarded projects in Egypt for the next two to three years, Khaleej Times reported
These investments projects are largely based in the country's infrastructure, banking, real estate, power, petrochemicals & manufacturing sectors.
Between these sectors, the real estate sector is currently attracting the largest amount of foreign direct investment, as exemplified by the purchase of a 5.1 percent stake in Egypt's second-largest listed real estate developer Palm Hills by Aabar, a subsidiary of the UAE's sovereign wealth fund run by the government of Abu Dhabi in a deal worth USD785 million.
In terms of countries investing in Egypt, MEED said that Saudi Arabia and the United Arab Emirates have invested more than USD20 billion in Egypt in the form of grants, loans and petroleum products since last year, with the UAE also funding an additional USD8.7 billion in energy imports in the coming months.
Ultimately, these investments are expected to help boost the country's GDP growth by 1.5 percent, a growth mainly attributed to the increase which was registered in total investment in the fiscal year to the end of June, rising by 12.9 percent in comparison will last year.
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