CAIRO - A recent report from the Central Bank of Egypt shows that foreign direct investment in Egypt in the second quarter of fiscal year 2011–2012 hit $2.8 billion, double the $1.4 billion reported in the first quarter and up 30 per cent from the same period in FY 2010-2011, according to the Middle East New Agency (MENA). The report shows that investments from European Union states continued to predominate among the FDIs coming to Egypt in the second quarter of the current fiscal year, although they had fallen during the first quarter. While the US investments came second to reach $70.2 million, a remarkably decrease of 53.3 per cent on the first quarter of FY 2011-2012, when they hit nearly $150 million. Meanwhile, investments from Saudi Arabia and the United Arab Emirates increased during the second quarter. The UAE's investments in Egypt were around $186 million, compared to $140 million in the first quarter, while Saudi investments increased to $109 million from $20.2 million.
