The Sovereign Fund of Egypt said Wednesday that it has attracted $3.3 billion in investments from other sovereign wealth funds so far this year. The investments came in both US dollars and Egyptian pounds in  renewable energy, tourism, industry and other sectors, the state-owned Al-Ahram news outlet reported. 

Why it matters: Several Gulf states have made significant investments in Egypt recently, including through sovereign wealth funds. Saudi Arabia’s Public Investment Fund recently acquired stakes in two Egyptian state-owned firms. The kingdom also recently secured more funding for its electricity interconnection plans with Egypt. In June, Saudi Arabia and Egypt signed a $7.7 billion investment deal. The United Arab Emirates’ investments in Egypt are also increasing. 

Egypt decided earlier this year to sell state-owned firms in an effort to shore up its economy. Egypt has particularly struggled with inflation and wheat shortages related to the Ukraine war throughout the year. 

Know more: The Sovereign Fund of Egypt’s mention of renewable energy is noteworthy. Part of Saudi Arabia’s recent investment deals with Egypt relate to the production of green hydrogen.