MidEast sovereign wealth funds poised to infuse $120b into Egypt

RIYADH, Aug 21 (Arab News): Egyptian capital Cairo is emerging as a promising investment destination, according to a recent report by Knight Frank, which suggests that sovereign wealth funds in the Middle East could infuse up to $120 billion into the North African nation over the next few years.
In its report titled "Africa Horizons 2023/24," the global real estate consultancy noted that major global powers, including Saudi Arabia, the US, the UK, the UAE, South Korea, and China, have renewed their investment interests in Africa, particularly post-pandemic recovery.
"With a population exceeding 109.3 million, Egypt stands as an alluring prospect that beckons us. In the heart of this historic land lies an extraordinary opportunity, one that resonates strongly with the GCC (Gulf Cooperation Council) market and Middle Eastern buyers alike," said Zeinab Adel, head of the Egypt office at Knight Frank.
He added: "Egypt's magnetic blend of rich heritage, strategic geographical location, and burgeoning economy propels it to the forefront of investment destinations."
The country's appeal as an investment hub is evident as Saudi Arabia, the second-largest investor in the nation, has allocated $6.1 billion across 6,017 projects, according to Egypt's Minister of Trade and Industry Ahmed Samir.
The minister revealed that the Kingdom's investments in Egypt spans across various sectors, which include industry, construction and tourism as well as agriculture, finance, communications and information technology.