UAE tops foreign direct investment list in Egypt

Egyptian Prime Minister Mostafa Madbouly has revealed that the UAE is the top foreign direct investment sender in his country, during his address at the celebrations of 50 years of UAE-Egypt ties in Cairo.

The UAE's FDI rose to $4.6 billion in the first nine months of the fiscal year 2021 to 2022.

"The UAE is the first country to allocate investments to Egypt with a share of 29 per cent of the total foreign investments flowing to the country in this period and about 72 per cent of the total Arab investments flowing to Egypt in the same period," Madbouly said, adding that the country has always been among the first supporters of the Egyptian state in critical times.

Anniversary celebrations for the five decades of bilateral relations between the two nations are ongoing in Cairo, with around 1,800 Emirati and Egyptian personalities attending the event.