Egypt 3rd strongest economy in Arab world

Egypt is the third biggest and strongest economy in the Arab region, said Secretary General of the Union of Arab Banks (UAB) Wissam Fattouh on Thursday.

 

Highlighting the resilience of the Egyptian economy, Fattouh added that Egypt came in the third position after Saudi Arabia and the UAE.

 

Fattouh's remarks came during a speech he delivered Thursday during the proceedings of the Anti-Money Laundering and Terrorist Financing Forum organized by UAB, in cooperation with the Central Bank of Egypt (CBE).

 

The Egyptian economy recorded high growth rate in six years, he said, adding that the Gross Domestic Product (GDP) in Egypt stands at about dlrs 436 billion.

 

The foreign direct investment (FDI) inflows in Egypt have increased along with the revenues of Suez Canal, he went on to say.