Egypt experienced an extraordinary surge in foreign direct investments (FDIs) during FY2023/2024, recording an approximately 998% increase in FY2023/2024, shared the Cabinet’s media center on Tuesday, underscoring Egypt's growing appeal to international investors.

The country attracted $46.1 billion in FDI, a dramatic rise from just $4.2 billion in FY2013/2014, reporting an almost 11-fold increase.

Foreign direct investment refers to long-term investments made by foreign entities in businesses located in another country, often giving foreign investors substantial control over the management of the local institution.

A key factor driving this surge is the $35 billion Ras El-Hekma deal, which is now the largest foreign investment in Egypt’s history, playing a pivotal role in boosting Egypt's overall FDI figures.

The Central Bank of Egypt (CBE) reported that the non-oil sector was the largest beneficiary of FDIs that fiscal year, attracting $40.4 billion, while the oil sector brought in $5.7 billion in net FDI inflows.

While Egypt’s FDI performance was strong, there were some setbacks in other areas of the economy. Revenues from the Suez Canal, a key source of income, experienced a 24.3% decline, falling to $6.6 billion from $8.8 billion in FY2022/2023.

This decrease was attributed to a 29.6% drop in net tonnage and a 22.2% fall in the number of vessels transiting the canal, which were affected by disruptions in maritime traffic in the Red Sea.

Remittances from Egyptians working abroad also saw a slight decrease, dipping by 0.6% to $21.9 billion, though they surged by 61.4% in the final quarter of FY2023/2024.