BusinessLibya

Billions of Libyan money in the hands of its neighbors: Who are they?

Recent data for the Egyptian General Authority for Investment and Free Zones showed the countries that most invested in Egypt since 1970, which amounted to 60.582 billion dollars up until last July.

The data, published by Al-Mal News, showed that Libya invested about 2.44 billion dollars in Egypt through fouding 1090 businesses.

According to the data, Libya is among the top 10 counties that invested in Egypt via Libayns residing in there.

Geographical and language relations between Libya and Egypt motivated more and more investments in the country, let alone that Egypt has a more stable security status than that of Libya.

UAE came first in investing in Egypt by a cash flow to Cairo worth 6.766 billion dollars, while Saudi Arabia came second with a cash flow worth 6.262 billion dollars.

The United Kingdom came first in investing in the free zones in Egypt, while it came third in cash flow to the country – 5.34 billion dollars.

Meanwhile, other reports said earlier that Libyan exports are particularly directed to Syria and Tunisia – 91% of the total of exports – according to the 2016 United Arab Economy Report said, without specifying the kind of goods exported to those countries, but they could be plastic and minerals.

114 commodities from those two materials had been exported by Libya till 2014, while in 2015, Libya exported 119 commodities.

A different report has also indicated that Libya depends mainly on Turkey not on China in most of the imported goods.

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