Arab Investments In Egypt Surge To $41.5Bn In FY 2023/24: CAPMAS

(MENAFN- Daily News Egypt) Arab investments in Egypt soared to $41.5bn during the fiscal year 2023/2024, a significant rise from $7.3bn the previous year, according to new data released by the Central Agency for Public Mobilisation and Statistics (CAPMAS). The United Arab Emirates was by far the largest investor, contributing $38.9bn, a figure largely driven by the landmark Ras El Hekma development agreement. Saudi Arabia followed with $775.5m, while Qatar invested $618.5m, Kuwait $547.7m, Bahrain $305.9m, Morocco $151.4m, and Lebanon $51.2m.

The announcement came as President Abdel Fattah El-Sisi traveled to Baghdad to attend the 34th Arab Summit, highlighting the importance of regional cooperation in bolstering Egypt's economy.

Meanwhile, Egyptian investments in Arab countries declined to $2.1bn in 2023/2024, down from $3bn in the previous fiscal year. The UAE remained the top destination for Egyptian capital, receiving $1.4bn. Kuwait followed with $194.2m, then Saudi Arabia with $190m, Qatar with $171.5m, Bahrain with $66.9m, Tunisia with $23.5m, and Morocco with $16m.

Trade relations between Egypt and Arab countries also strengthened. Total trade exchange reached $30.5bn in 2024, up from $26bn in 2023, marking a 16 percent increase. Egyptian exports to Arab nations rose by 18 percent to reach $16.2bn, compared to $13.6bn the year before. Saudi Arabia emerged as the top importer of Egyptian goods with $3.4bn, closely followed by the UAE with $3.3bn. Other key importers included Libya at $2bn, Morocco at $1bn, Algeria at $996m, Sudan at $866.2m, Iraq at $816m, Lebanon at $763m, Jordan at $752m, and Palestine at $461m.

Key Egyptian export sectors included precious stones and jewelry, which brought in $2.1bn, along with vegetables and fruits at $1.6bn, electrical machinery and appliances at $1.2bn, and fuel and mineral oils at $894m. Exports of iron and steel totaled $805m, while various food preparations generated $781m, and copper and related products added another $765m.

On the import side, Egypt brought in $14.3bn worth of goods from Arab countries in 2024, up from $12.4bn the previous year, reflecting a 14 percent increase. Saudi Arabia was the top exporter to Egypt, with $7.9bn in goods, followed by the UAE at $2.7bn. Kuwait exported $947m worth of products to Egypt, Oman $664m, Bahrain $584m, Sudan $292.4m, Iraq $284m, Jordan $255.8m, and Lebanon $238m.

The main imports from the Arab region included fuel and mineral oils valued at $7.5bn. Plastics and related products followed at $1.9bn. Imports of copper and its derivatives totaled $759m, while metal ores reached $581m. Egypt also imported $460m worth of aluminum products, $449m of iron and steel, $313m in various chemical products, and $309m in electrical machinery and appliances.

Remittance flows from Egyptians working in Arab countries totaled $13.8bn in 2023/2024, a slight decrease from $14.3bn the year before. Saudi Arabia was the largest source of these remittances, contributing $8bn, followed by Kuwait with $2.1bn, the UAE with $1.8bn, Qatar with $819.5m, and Jordan with $361.2m.

In contrast, remittances from Arab nationals working in Egypt dropped to $68.3m in 2023/2024 from $94.5m the previous year. The UAE received the largest share of these outflows at $31.6m, followed by Saudi Arabia with $11.6m, Jordan with $4.6m, Oman with $4m, and Lebanon with $3.5m.

These figures highlight the growing depth and complexity of Egypt's economic relationships across the Arab world, underscoring the strategic importance of continued regional cooperation in trade, investment, and labor mobility.

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