Latest news with #RasElHekma
Zawya
5 hours ago
- Business
- Zawya
Egypt jumps to 9th in global FDI rankings as Africa sees rebound
Egypt's foreign direct investment (FDI) surged in 2024, making it the ninth-largest recipient globally and the main driver of a rebound in investment across Africa, according to a UN report launched in Cairo on Thursday. The World Investment Report 2025 from UN Trade and Development (UNCTAD) showed that Egypt's performance contrasted with a second consecutive annual decline in global FDI when excluding volatile financial flows. The global outlook for 2025 remains negative amid heightened investor uncertainty. FDI inflows to Africa rebounded by 75% in 2024 to $97bn, largely due to flows into Egypt. This increased the continent's share of global FDI to 6% from 4% the previous year, and its share of developing-country inflows to 11% from 6%. Egypt was identified as the primary driver of this turnaround, with a mega-project in urban development at Ras El-Hekma being a significant contributor. Globally, FDI rose 4% in 2024 to $1.5 trillion, but UNCTAD noted this headline div was inflated by volatile flows through conduit economies. When these are excluded, global FDI registered an 11% decline. The report also found that investment in sectors related to the Sustainable Development Goals (SDGs) in developing countries fell by 25–33% across infrastructure, renewable energy, water and sanitation, and agrifood systems. Only the health sector saw growth, though from a small base. 'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' said Richard Bolwijn, Director of UNCTAD's Investment Research Branch. While Africa experienced an overall FDI rebound, the report detailed a mixed picture across the continent. Announced greenfield projects fell in both number, by 5%, and value, by 37%, in most countries. Cross-border mergers and acquisitions turned negative, resulting in net divestments of $1.5bn compared with net investments of $9.5bn in 2023. However, announced international project-finance deals in Africa increased in value by 15%, boosted by a megaproject in Egypt, even as the number of such deals dipped by 3%. In Egypt, which jumped from 32nd to 9th place among global FDI recipients, project-finance commitments doubled, supported by large-scale investments in energy and transport infrastructure. The country also defied the continent-wide decline in announced greenfield projects. The report identified North Africa, led by Egypt, as the main growth engine for FDI on the continent. The findings were presented at an event hosted by the Government of Egypt to mark the report's launch. 'In a year marked by shifting global investment patterns, Egypt's consistent presence on the investment landscape, as captured in the World Investment Report, comes as we double down on an ambitious reform agenda that places industrial production, exports, and foreign direct investment at the heart of our economic development model,' said Dr Rania Al-Mashat, Egypt's Minister of Planning, Economic Development & International Cooperation. 'Our focus remains clear: unleashing private sector potential through structural reforms that foster quality growth and resilience by driving job creation, boosting productivity and increasing value-added.' Eng Hassan Elkhatib, Minister of Investment and Foreign Trade, added: 'Egypt is writing a new investment narrative, coupling deep structural reforms and clear, predictable policies with a competitive, transparent business climate and a dynamic private sector. This vision reinforces Egypt's growing role in the regional and global investment landscape, transforming the country into a hub of opportunity and connectivity.' The report also examined policy trends, finding that the number of investment policy measures reached its second-highest level on record in 2024, at 174. Of these, 78% were favourable to investors, although many were shaped by geopolitical and industrial-policy objectives. In the digital economy, the report noted that investment is expanding rapidly but remains highly concentrated, with data centres and fintech attracting most of the flows and leaving significant regional gaps. The launch event in Cairo included a technical briefing on the report's findings and a discussion with representatives from the private sector, international organisations and academia.
Egypt Independent
5 hours ago
- Business
- Egypt Independent
Egypt ranks 9th globally, 1st in Africa for FDI in 2024
Rania al-Mashat, Egypt's Minister of Planning and Economic Development and International Cooperation, announced the launch of the World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD). The report monitors key trends in global Foreign Direct Investment (FDI) in 2024 and highlights Egypt's position among the most attractive countries for investments, driven by the Egyptian government's reforms. In a statement to the Egyptian Cabinet, the Minister revealed that the report placed Egypt ninth globally and first in Africa among the most attractive countries for FDI during 2024, attracting $47 billion in investments. The Minister clarified that this marks a significant leap for Egypt from its 32nd global ranking in 2023, which recorded $10 billion in FDI. This reflects the government's prioritization of empowering the private sector and attracting investments. She also noted the positive growth rate in the third quarter of the current fiscal year, which exceeded expectations. Al-Mashat highlighted the report's positive focus on developments in Africa, particularly in Egypt. The report specifically spotlighted the Ras El Hekma deal as an innovative model comprising two components: direct investment and a debt-swap mechanism. She added that this model came at a crucial time and demonstrates the state's ability to utilize innovative tools to attract financing and investments, deploying them in line with its national priorities. She also referred to the UNCTAD Secretary-General's address, which emphasized the importance of mobilizing financing for the private sector. In this context, Egypt hosted a major conference earlier this week on development finance and enhancing the private sector's role in achieving growth and creating job opportunities. This conference also served as a genuine platform to embody the principle of cooperation between international financial institutions and national governments in supporting the investment and development agenda. Within this framework, she affirmed that over the past five years, Egypt has successfully mobilized more than $15.6 billion for the private sector. She underscored that the relationship between trade, investment, and development is an integrated and interconnected one, and that promoting private and foreign investments is considered one of the primary means to achieve comprehensive and sustainable growth.
Zawya
16 hours ago
- Business
- Zawya
Egypt's Elsewedy Electric to supply power solutions for first resort in Ras El Hekma
Elsewedy Electric announced on Thursday that it has been selected by Abu Dhabi-based developer Modon Holding to provide power infrastructure for the first resort in Ras El Hekma mega project. The ADX-listed Modon Holding was appointed as the master developer for Ras El Hekma by ADQ Holding in October 2024. Elsewedy Electric, listed on the EGX, said in a statement that it will supply advanced dry-type transformers and install high-performance Busway systems as part of the resort's energy infrastructure. The resort is currently under construction and forms part of a broader investment strategy to transform Ras El Hekma into a high-end coastal destination, the statement noted. In addition to being master developer for Ras Al Hekma's 170 million square metres (sqm) area, Modon Holding is also the developer for the first phase of the city consisting of 50 million sqm. (Writing by Eman Hamed; Editing by Anoop Menon) (
Zawya
02-06-2025
- Business
- Zawya
Egypt's Sky AD to develop 430-acre residential project in Ras El Hekma
Sky AD, a subsidiary of the UAE's Diamond Group, has announced plans to develop a 430-acre plot in Ras El Hekma City on Egypt's North Coast. The project, part of the company's broader strategy to double its investments in Egypt, will be an integrated residential and hospitality development in collaboration with a major partner and will target total sales of around EGP 240 billion ($4.8 billion), said AbdelRahman Agamy, CEO of Sky AD. The press statement didn't disclose project timelines, cost and partner details. Sky AD has been active in Egypt since 2021 and maintains a diverse portfolio of projects across the New Administrative Capital and New Cairo. Key developments include Residence Eight, Capital Avenue, One Residence, and the Bluetree residential and commercial project in New Cairo's Golden Square. Diamond Group holds a total investment portfolio of $1 billion and has delivered more than 17 projects in the UAE, including residential, commercial, educational, and healthcare facilities in Abu Dhabi and Al Ain. (1 US Dollar = 49.69 Egyptian Pounds) (Writing by Eman Hamed; Editing by Anoop Menon) (
Zawya
01-06-2025
- Business
- Zawya
NAIA Developments signs strategic partnership with Fairmont Nile City
El-Danasoury: Our partnership with 'Fairmont Nile City Hotels' embodies our deep commitment to delivering luxurious and exceptional experiences to our clients. It also reflects our vision, which focuses on achieving the highest standards of quality and excellence across all our projects. Farag: "Partnerships with prestigious global brands like 'Fairmont' contribute to solidifying the project's appeal as a promising investment opportunity. This also supports the increasing demand for both residential and commercial units." Gamil: Our partnership with 'NAIA Developments' reflects how we think: smart investments, solid execution, and hospitality that speaks for itself.' In a strategic move that reflects its commitment to delivering an integrated residential and tourism experience with global standards, NAIA Developments announced the signing of a co-operation agreement with Fairmont Hotels—an international hospitality leader—represented in this project by Fairmont Nile City Hotel, under which it will operate and manage the Beach Clubhouse at its beach in Ras El Hekma within the 'NAIA Bay' project, with operations set to commence in the summer of 2025, coinciding with the handover of the project's first phase. .This strategic partnership aligns with NAIA's vision of selecting strategic partners from major international companies. This ensures that projects are executed using the latest standards and technologies, contributing to the enhancement of service quality and boosting the project's value as a tourism and investment destination. Furthermore, it solidifies Ras El Hekma's position as one of the most prominent global coastal destinations, which, in turn, supports the national economy. Commenting on this partnership, Eng. Hisham El-Danasoury, Chairman of NAIA Real Estate Developments, stated: "Our partnership with 'Fairmont Nile City' embodies our deep commitment to delivering luxurious and exceptional experiences to our clients. It also reflects our vision, which focuses on achieving the highest standards of quality and excellence across all our projects. Through the management and operation of the Beach Clubhouse at 'NAIA Bay' project's beach, we are keen to offer a distinctive summer experience in accordance with the highest international standards, meeting all our clients' aspirations. This refined experience is complemented by two international restaurant chains on the beach, offering a blend of fine taste and sophisticated service, ensuring a complete and special beach day for all family members. All of this underscores that 'NAIA Bay' is an integrated community of luxury villas, which enhances the project's value and sets it apart from chalet projects, providing a distinguished and unique residential experience." He added: "This partnership not only emphasizes NAIA's dedication to top-tier service but also highlights the precision of our strategic vision in selecting promising locations that attract major global investments. This supports the formation of international partnerships that contribute to boosting the economic and tourism development of Ras El Hekma region, benefiting all integrated projects, foremost among them 'NAIA Bay'. This partnership also helps solidify Ras El Hekma's position as one of the most prominent luxury tourist destinations on the Mediterranean Sea." Magdi Gamil, General Manager of Fairmont Nile City, said: 'At Fairmont Nile City, we see NAIA Bay's Beach as a strong opportunity to grow with the right partner in the right place. L'Uliveto by the Sea is more than just a restaurant—it's a concept shaped by real experience and guest demand. We're bringing the essence of our Italian dining to the coast, with the same focus on quality, simplicity, and value. This partnership reflects how we think: smart investments, solid execution, and hospitality that speaks for itself.' For his part, Mohamed Farag, Vice Chairman of the Commercial Sector at NAIA Real Estate Developments, 'NAIA Bay' project is witnessing a remarkable acceleration in the pace of work, coinciding with our strong commitment to handing over the first phase units this year. We are focused on adhering to the specified timelines and applying the highest quality standards across all execution stages, from construction work to the final interior and exterior finishes of the units, which are implemented using the finest materials and in collaboration with leading specialized companies, all in accordance with the highest international specifications and standards." He added: "Our partnership with Fairmont Nile City represents a pivotal strategic step. It's not just an addition to 'NAIA Bay' project, but a clear affirmation of our commitment and ongoing dedication to our clients, whom we consider true partners in our success. Through this collaboration, we aim to foster mutual trust and sustainably increase the investment value of their units, keeping pace with market development. We also believe at NAIA Developments that partnerships with prestigious global brands like Fairmont contribute to solidifying the project's appeal as a promising investment opportunity. This supports the rising demand for residential and commercial units, which positively impacts price growth and future returns. This comes as part of our continuous endeavor to deliver a luxurious beach experience and an exceptional quality of life for our clients, while consolidate Ras El Hekma's position as a world-class coastal destination that attracts visitors from around the globe." It's worth noting that the partnership with Fairmont Nile City complements a series of strategic collaborations NAIA Developments has forged with a selection of international partners, including a cooperation agreement with the global Accor Group to operate and manage two hotels under the Swissôtel and Swissôtel Residences brands within "NAIA Bay" project. These are slated to open in the third quarter of 2027, making them the first hotels to become operational in the Ras El Hekma area. Additionally, NAIA signed a cooperation agreement with Vodafone Egypt to provide high-speed internet, digital TV broadcasting, and landline telephone services (Triple Play) across its various projects. Regarding design and planning, NAIA collaborates with Crystal Lagoons, the global company holding the patent for creating crystalline lagoons within "NAIA Bay" project. This is in addition to Al-Ghoneimi Engineering Consultants, which handles the project's design and planning tasks. NAIA has also signed with ÖKOPLAN, a specialized international engineering consultancy that provides comprehensive design solutions for built environments, such as the Abu Simbel resort. Furthermore, NAIA has partnered with Kyme Alchemy, a firm specializing in design and decoration for finishing residential units in "NAIA WEST" project, and with Raafat Miller, a leading design and engineering consultancy, to develop the architectural concepts for its project.
