The Egyptian government, under the leadership of President Abdel Fattah El-Sisi, has achieved a significant milestone in foreign investment, securing a staggering $35 billion from the United Arab Emirates (UAE) in just two months.
Recall that Chief Bola Ahmed Tinubu, has faced challenges in attracting investments despite efforts to court potential investors.
Notably, QatarEnergy, headed by CEO Saad Sherida al-Kaabi, declined to invest in Nigeria’s oil and gas sector, despite Tinubu’s diplomatic visit to the Middle East earlier this year aimed to garner investment from the emirates to address the pressing financial challenges facing country’s energy industry.
Egypt’s success in securing substantial Investment (FDI) from the UAE further solidifies its position as a leading destination for foreign investments in Africa.
Credit: Africa Fact zone.
