$96.8bln: Egypt tops in mega projects FDI

$96.8bln: Egypt tops in mega projects FDI

Egypt ranked as the world’s top destination for foreign direct investment (FDI) in mega projects in 2022 even as international investors announced more than 16,000 FDI projects globally in 2022, according to fDi Markets, the greenfield investment monitor of the Financial Times.

The global FDI projects represent an estimated value of $1.155 trillion, with more than 2.2 million jobs being created. The pace of FDI in 2022 shows signs of ongoing recovery following the shock effect of the Covid-19 pandemic, with the number of projects increasing 16% and the pledged capital investment rising by 64% from 2021, the report said.

Last year was one characterised by FDI mega projects, with a record number of projects worth at least $1 billion of capital investments.

Egypt attracted more than $96.8 billion in such projects last year, which is close to three times that of its previous record ($34.9 billion in 2016), fDi Markets’ cross-border investment data shows.

Meanwhile, by number of FDI projects, it grew from an average of 3.5 mega projects per year between 2013 and 2021 to 19 mega investments in 2022, ranking Egypt second only to the US.

This influx in capital is directly related to 17 green hydrogen projects, accounting for 97% of