UN Report: Cairo Tops Africa’s Cities In Attracting Foreign Investments
By Nada Hamouda
Egypt’s capital Cairo held the first place in Africa in terms of Foreign Direct Investment (FDI), as it ranked 64th at the international level, according to a United Nations report issued on Saturday.
The report is based on the estimation of foreign investment movement from 2013 to 2016. During this period, the report stated that Cairo attracted foreign investments worth $13.7 billion.
Moreover, at the Egyptian local level, Alexandria comes second with $2.5 billion compared to $1 billion for Sharm El-Sheikh, and $700 million in Port Said. Despite the latest economic and security challenges, the usage of modern technology and the administrative efficiency compared to other African cities are what ranked the Egyptian capital first on the list.