The surge represents a growth of 361 percent.

This surge was largely driven by the $35 billion Ras El-Hekma deal, which marks the largest FDI in Egypt’s history.

According to the CBE date, the non-oil sector attracted $40.4 billion in net FDI inflows, while the oil sector attracted $5.7 billion.

The Egyptian government also plans to offer five concessions for investors on the Red Sea, including Berenice and Ras Banas.

BoP Surplus

Egypt also recorded a substantial $9.7 billion overall surplus in its balance of payments for the second half of FY2023/2024 (January-June 2024), according to the CBE.

The central bank attributed this positive outcome to structural reforms implemented on 6 March, which boosted capital and financial investments, resulting in an inflow of $29.9 billion during this fiscal year.

Portfolio investments also experienced a significant rebound, recording a net inflow of $14.5 billion in FY2023/2024, reversing an earlier outflow of $3.8 billion.

This shift reflects growing confidence among foreign investors, particularly following the March reforms that improved the economic environment, according to the CBE.

Tourism Revenues

Tourism remains a strong pillar of the economy, with revenues increasing by 5.5 percent to reach $14.4 billion in FY2023/2024.

The rise is attributed to an increase in tourist arrivals, which grew by 7.4 percent to 14.9 million.

Additionally, the overnight stays in accommodations rose to 154.1 million.

Trade Deficit
Despite positive developments in other areas, Egypt's trade deficit widened by $8.4 billion to $39.6 billion in FY2023/2024.

Oil exports declined by $8.1 billion, falling to $5.7 billion, primarily due to a sharp decrease in natural gas exports, which plummeted to $605.3 million from $7.2 billion in the previous year.

Non-oil imports surged by $1.4 billion, leading to a higher non-oil trade deficit of $31.9 billion, as imports outpaced exports.

The non-oil trade deficit widened by $354.8 million to $31.9 billion. This was primarily due to a $1.4 billion increase in non-oil imports, which outpaced the rise in non-oil exports.

The main imports contributing to the increase were scrap cast iron, passenger vehicles, cast iron, and wheat.

Non-oil exports rose to reach $26.8 billion mainly focused on wires and cables, vegetables, electric household appliances, and textiles.

Suez Canal Revenues
Suez Canal revenues also declined by 24.3 percent to $6.6 billion in FY2023/2024.

This decrease is attributed to fewer ships transiting the canal and a reduction in overall shipping tonnage, explained the CBE report.

Remittances Decrease
Remittances from Egyptians working abroad saw a slight decrease of 0.6 percent, totalling $21.9 billion in FY2023/2024.