Cairo – Mubasher: Renaissance Capital on Thursday revealed a report that focused on the potential foreign direct investments (FDI) in Egypt.

“[The] oil and gas could be the main beneficiary, with commercial real estate, modern retail and consumer goods seeing renewed interest. Banking could also present interesting opportunities, given what RenCap sees as scope for consolidation,” according to RenCap’s report.

Belgium, the UK, and the US are the most countries which contributed in FDI in Egypt, the report added, noting that the UAE was the largest source from the GCC nations, despite losing weight.

“The UK[’s] … contribution of FDI to Egypt in the third quarter for the fiscal year of 2016/2017 [which was] ending in June 2017 … was 55% of the total, amounting to $1.8 billion and stable year on year,” the report noted.

The nine-month period of FY16/17 total investment value amounted to $4.8 billion, increasing 11% year-on-year.

The US’s contribution stood at 14% of the total FDI in Q3 of FY16/17 with a total amount of $482 million, up 4% from the same period in the previous year.

The UAE’s contribution in FDI of Egypt decreased to 5% in Q3 of FY16/17, from 17% in Q3 of FY15/16.

Renaissance Capital is an international leading investment bank which is specialised in emerging and frontier markets.