{"id":603137,"date":"2019-04-16T03:54:20","date_gmt":"2019-04-16T03:54:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/"},"modified":"2019-04-16T03:54:20","modified_gmt":"2019-04-16T03:54:20","slug":"why-is-fdi-declining-in-egypt-and-should-we-be-worried","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/","title":{"rendered":"Why is FDI declining in Egypt and should we be worried?"},"content":{"rendered":"

<\/a> EXCLUSIVE- Why is inbound foreign direct investment to Egypt declining \u2014 and should we be worried?<\/b> Official figures releasedearlier this month<\/a> showed that fresh foreign direct investment (FDI) had fallen to USD 2.84 bn in 1H2018-19 from USD 3.76 bn in the same period a year before, putting us on track for another year in which we fall short of the state\u2019s target of a minimum of USD 10 bn in FDI per year. We spoke with Investment Minister Sahar Nasr<\/b> as well as EFG Hermes\u2019 Mohamed Abu Basha<\/b> and Naeem Brokerage\u2019s Allen Sandeep<\/b> to look at what\u2019s behind the dip and where FDI goes from here.<\/p>\n

<\/p>\n

In a declining international market, it\u2019s not about FDI in absolute terms, but Egypt\u2019s share of global FDI, says Nasr:<\/b> Egypt\u2019s share of global FDI has continued to increase despite a global slowdown in foreign investment, Investment Minister Sahar Nasr told us. According to figures from the Investment Ministry<\/a>, 2017 saw Egypt\u2019s share of global FDI rise to 0.4% in 2017 from around 0.35% the year before. This came asnet FDI inflows in FY2017-18<\/a> dipped to USD 7.7 bn, down from USD 7.9 bn the previous year. \u201cCompared to peer countries with similar income levels, Egypt was ranked third worldwide in terms of share of FDI in 2017,\u201d the minister said, adding that Egypt had the second-highest share of FDI in the MENA region in 2017, behind only the UAE.<\/p>\n

<\/p>\n

More companies are setting up shop in Egypt:<\/b> Nasr also pointed out that the number of new firms entering the market has increased alongside the expansion in Egypt\u2019s share of global FDI. The results demonstrate confidence among international investors, she said \u2014 they\u2019re setting up shop as a prelude to doing business here.<\/p>\n

Expectations of a post-float spike in FDI were overly optimistic:<\/b> The notion that FDI would spike immediately after the float of the EGP in 2016 were unfeasible, said Mohamed Abu Basha, EFG Hermes\u2019 head of macroeconomic analysis. \u201cIt was somewhat unrealistic to expect FDI to recover immediately after the devaluation given the tough times the economy had to first go through and, equally importantly, given the nature of FDI that Egypt attracts, which mainly plays on domestic demand.\u201d 2017 was a turbulent year which businesses spent evaluating the post-floatation economic environment. 2018 meanwhile brought more stability, but the private sector remained hesitant, preferring to assess demand before making new investments and looking for avenues for expansion, Abu Basha said.<\/p>\n

And there\u2019s no way the domestic private sector was going to borrow <\/b>to back expansion when they\u2019re paying credit-card levels of interest, we would add.<\/p>\n

Comparing current FDI figures to reference points from before the float will naturally seem smaller in USD terms<\/b> because the value of the EGP was slashed by half, Abu Basha pointed out.<\/p>\n

Depressed local demand and consumption on the back of high inflation over the past two years have also been key in slowing down FDI<\/b>, said Abu Basha. The devaluation was also not the only component weighing on demand, Abu Basha said, explaining that subsidy cuts and interest rates were also at play. \u201cThe nature of industries in Egypt is mostly domestic-based. Outside of oil and gas, foreign companies entering Egypt are mainly catering to domestic demand \u2014 if companies\u2019 capacity utilization is at 40-50%, why would they be considering investing more?\u201d<\/p>\n

When will we see year-on-year growth in FDI? Probably in 2020<\/b> as market conditions normalize, interest rates fall and inflation continues to decline, Abu Basha said. Naeem Brokerage\u2019s Allen Sandeep, however, predicted that non-oil FDI would not recover until the economic reform program is 5-10 years old. \u201cI wouldn\u2019t use the word \u2018disappointed\u2019 because if you look at other countries, you\u2019ll see it took them 5-10 years to see FDI recover. The figures are below expectations, but I wouldn\u2019t use the word \u2018disappointed\u2019.\u201d Sandeep expects 2H2019 to see a pick up in non-oil FDI, especially in the agriculture and services sectors, due to seasonal factors. He also sees FDI in the upstream petroleum and minerals sectors to begin increasing by around 2021.<\/p>\n

Egypt is expecting FDI to reach around USD 8-8.5 bn in 2019-2020, Nasr said. <\/b>\u201c[This] is because of risks facing the global economy, namely the potential slowdown and trade tensions, and allowing time for internal factors as inflation to be more conducive,\u201d the minister added.<\/p>\n

What are the government\u2019s priority sectors for FDI? <\/b>The government is committed to policies that cater to value-added and technology-oriented sectors that contribute to both economic growth and job creation, Nasr told us. \u201cAlso, the Investment Act and other related policies are designed to promote investments in lagging regions to raise the living standards in them,\u201d Nasr added.<\/p>\n

<\/p>\n

Have politics been a barrier to FDI growth?<\/b> Not at all, Nasr said yesterday in a separate interview with Bloomberg TV (watch, runtime: 06:28<\/a>). \u201cThe politics in the country has helped a lot to improve the business environment and has opened ground for more business to come to Egypt.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Why is inbound foreign direct investment to Egypt declining \u2014 and should we be worried? Official figures releasedearlier this month showed that fresh foreign direct investment (FDI) had fallen to USD 2.84 bn in 1H2018-19 from USD 3.76 bn in the same period a year before, putting us on track for another year in […]<\/p>\n","protected":false},"author":1,"featured_media":603138,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,103,125,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fdi","tag-investment-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f7da68ca-e4e8-4d89-a088-1689a47c3106","is_powered_by":true,"section_story_id":"582c782c-1160-4b8d-86ae-c886dc2e3ac8","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/4\/120.jpg","photo_position":"above","related_issue":[603129],"teaser":"","voice_url":""},"yoast_head":"\nWhy is FDI declining in Egypt and should we be worried? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is FDI declining in Egypt and should we be worried?\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Why is inbound foreign direct investment to Egypt declining \u2014 and should we be worried? Official figures releasedearlier this month showed that fresh foreign direct investment (FDI) had fallen to USD 2.84 bn in 1H2018-19 from USD 3.76 bn in the same period a year before, putting us on track for another year in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-16T03:54:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/4\/120.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Why is FDI declining in Egypt and should we be worried?\",\"datePublished\":\"2019-04-16T03:54:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/\"},\"wordCount\":840,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/4\/120.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"FDI\",\"investment watch\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/why-is-fdi-declining-in-egypt-and-should-we-be-worried\/\",\"name\":\"Why is FDI declining in Egypt and should we be worried? 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The report said that the country\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/660.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570023,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/foreign-direct-investment-up-16-in-2q2019-2020-gafi\/","url_meta":{"origin":603137,"position":1},"title":"Foreign direct investment up 16% in 2Q2019-2020 -GAFI","author":"enterpriseam admin","date":"16 March 2020","format":false,"excerpt":"FDI rises by 16% in 2Q2019-2020, says GAFI: Net foreign direct investment (FDI) into Egypt increased by 16% y-o-y during 2Q2019-2020, head of the General Authority For Investment and Freezones (GAFI) Mohamed Abdel Wahab said during a cabinet meeting yesterday. Although Abdel Wahab did not provide an exact figure, the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599049,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-fdi-falls-in-2018-amid-global-investment-drop-off\/","url_meta":{"origin":603137,"position":2},"title":"Egypt FDI falls in 2018 amid global investment drop-off","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"Foreign direct investment into Egypt fell 8.2% in 2018 amid global investment drop-off: Egypt retained its position as the largest recipient of foreign direct investment in Africa last year despite inflows falling 8.2% to USD 6.8 bn, according to UN figures. UNCTAD\u2019s 2019 World Investment Report shows that inflows mostly\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/2981.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599987,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/16\/egypts-fdi-figures-arent-as-bad-as-we-all-think-and-are-basically-in-line-with-global-trends\/","url_meta":{"origin":603137,"position":3},"title":"Egypt\u2019s FDI figures aren\u2019t as bad as we all think \u2014 and are basically in line with global trends","author":"enterpriseam admin","date":"16 January 2019","format":false,"excerpt":"Egypt\u2019s FDI figures aren\u2019t as bad as we all think \u2014 and are basically in line with global trends \u2013Shuaa. Shuaa Securities Egypt analyst Esraa Ahmed politely suggests we\u2019re all a little off-base when we get down in the dumps over the drop in net FDI into Egypt in the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/1754.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572772,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/08\/egypt-tops-mena-fdi-charts-in-2019-with-usd-13-7-bn\/","url_meta":{"origin":603137,"position":4},"title":"Egypt tops MENA FDI charts in 2019 with USD 13.7 bn","author":"enterpriseam admin","date":"8 July 2020","format":false,"excerpt":"Egypt was the top destination in MENA for FDI last year: Egypt attracted USD 13.7 bn worth of foreign direct investments(FDI) in 2019, putting it atop the Middle East and North Africa region league table, according to a report from the Arab Investment and Export Credit Guarantee Corporation (Dhaman). FDI\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594407,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/29\/global-fdi-jumps-24-in-1h2019-and-egypt-remains-africas-top-destination\/","url_meta":{"origin":603137,"position":5},"title":"Global FDI jumps 24% in 1H2019, and Egypt remains Africa\u2019s top destination","author":"enterpriseam admin","date":"29 October 2019","format":false,"excerpt":"Egypt is still Africa\u2019s top FDI destination as global flows pick up in 1H2019 -UNCTAD: Global foreign direct investment (FDI) grew 24% y-o-y in 1H2019 to USD 640, mostly thanks to a favorable base effect as a result of unusually low FDI levels during the same period last year, according\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/623.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=603137"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603137\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603138"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603137"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603137"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}