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Rabat – Morocco came in seventh place over the past year among other Arab countries in investing in Egypt.
According to data from Egypt’s central bank, Morocco invested $17 million in the Egyptian economy at the end of the third quarter of the fiscal year 2021-2022, news reports indicate.
Aside from ranking seventh, growth in Moroccan investments directed to Egypt averaged 21% during the same period.
The UAE topped the list of Arab countries investing in Egypt. Between July and March in the 2021-2022 fiscal year, the Golf country invested a total of $6.350 billion, against $2.327 billion in the previous year.
The growth rate of direct investments to Egypt from other Arab states was set at 173% between July and March of the fiscal year 2021-2022, according to reports in the Egyptian media says.
Morocco and Egypt enjoy robust economic relations. In January this year, the two countries signed a trade agreement allowing Morocco to export cars to Egypt.
Egypt is equally an active investor in Morocco. Last year, the Egypt-based holding company Porto Group announced that it was in the process of expanding its commercial real estate offerings in Africa, with a new project in Morocco called Porto Agadir.
Read Also: Foreign Investment in Morocco Rises by 52% In 2021
The project, scheduled to start this year, is set to cost around $500 million in funds.
In addition to Porto Agadir, the Egyptian group announced plans to add two more tourist villages that will cost around $1.27 billion in total.
More recently, an Egyptian startup announced plans to expand operations into Morocco. After securing $9.6 million in funding, the Egyptian last-mile delivery startup, Mylerz, said it is planning to expand operations to Morocco in the fourth quarter of 2022.
