RIYADH: Egypt’s private and investment sector experienced an annual increase of 30.2 percent in the number of foreigners acquiring work licenses in 2023. Data from the Central Agency for Public Mobilization and Statistics revealed a significant surge in the total count of foreign nationals granted licenses, reaching 17,357 individuals, a leap from the previous year’s 13,331. Of these permits, 7,973 were issued for the first time in 2023, constituting a significant portion of the total influx at 45.9 percent. The largest representation came from expatriates from non-Arab Asian countries, comprising 36.2 percent or 6,275 individuals, followed closely by expats from European countries at 34.4 percent or 5,975 individuals. Arab countries accounted for 20.1 percent, with 3,487 foreigners, while the Americas made up 4.5 percent, with 779 foreigners. The Ministry of Manpower issued 46.8 percent of the licenses for work in the private sector and investment, making it the leading issuer in Egypt in 2023, with a total of 8,122 work permits released. Investment offices followed at 35.9 percent, with corporate businesses at 12.9 percent, and petroleum firms at 4.4 percent of the total licenses granted to foreigners for work in these industries in 2023. Egypt’s new economic path, centered on structural reforms to empower the private sector for growth and investment attraction, has begun yielding positive results, as stated by the country’s finance minister last month. Mohamed Maait highlighted that despite the harsh impacts of global and regional economic crises, Egypt has seen financial indicators surpass budget estimates and targets over the past nine months of the fiscal year 2023-2024, Egyptian daily Al-Ahram reported. The minister noted that this success reflects the international recognition of the North African country’s economy for achieving better-than-expected performance metrics.