Egypt starts to rebound after IMF bailout, ADQ resort investment
Egyptian economy also suffered some setbacks, including a 70% decline in Suez Canal revenue and a 7.5% drop in income from oil production
Yunus Hocaoglu/Anadolu via Getty Images)
Tourism revenue grew 18% during the fourth quarter of 2024
Egypt’s economy is growing at a pace it hasn’t seen since 2022 following last year’s IMF bailout and a massive investment from the UAE.
GDP grew 4.3% year-on-year in the last three months of 2024, which the government attributed largely to the IMF’s $8 billion loan package and Abu Dhabi-owned ADQ’s $35 billion Ras El-Hekma resort project.
Egypt’s Ministry of Planning, Economic Development and International Cooperation pointed to tourism, trade-related transportation and non-oil manufacturing as the key drivers of economic expansion.
Private investment increased 35.4% year-on-year in the fourth quarter, while public investment contracted 25.7%. Tourism grew by 18% in the fourth quarter, with total visitors rising to 4.41 million
Still, the Egyptian economy suffered some major setbacks, including a 70% decline in revenue from the Suez Canal because of “ongoing geopolitical tensions” and a 7.5% drop in income from oil production.