Mubasher: Net foreign direct investment (FDI) inflows from Saudi Arabia to Egypt decreased by 43.4% during the first quarter (Q1) of the fiscal year (FY) 2019/2020, as shown by the data of the Central Bank of Egypt (CBE).
Data showed that Saudi FDI in Egypt amounted to $69.3 million during the three-month period that ended on 30 September 2020, compared with $122.4 million for the same period a year earlier.
On a quarterly basis, investments decreased by 33.4% compared with $104 million in the previous quarter.
It is worth noting that Saudi direct investments represent 8.4% of total investments in the Egyptian market by Arab states that amounted to $824.3 million in Q1-FY19/20, compared with $799.2 million in Q4-FY18/19, increasing by 3% year-on-year (YoY).
Saudi investments in Egypt reached $478.1 million during FY18/19, according to the CBE’s data.
On the other hand, recent data by the Saudi Arabian General Investment Authority (SAGIA) showed that 92 licenses were granted to Egyptian companies last year, making Egypt the third-largest country in terms of new investment license in Saudi Arabia in 2019.