Kenya has been ranked among the top destinations for foreign direct investments in Middle East and Africa, thanks to the ongoing investments in infrastructure.
The latest study by FDI Intelligence, a research arm of the London based Financial Times newspaper, ranks Kenya sixth in the Middle East and Africa, and third in Africa after South Africa and Morocco.
The report released last week shows that Kenya attracted 55 projects last year compared with South Africa’s 154 and Morocco’s 70.
The number of projects coming to Kenya rose 77% from 2010, pushing it ahead of Nigeria, and Egypt.
However, the other East African countries did not feature in the ranking.
“Growth in the number of projects coming to Kenya was the highest compared with Nigeria’s 29% and South Africa’s 57%.
Egypt suffered a 29% drop in new projects due to the Arab Spring, even as Morocco registered a 40% surge in new projects,” said the report.
Inflows into the country were boosted by increased fundraising by oil and mineral prospecting companies seeking a share of Kenya’s rising mineral resource profile.
Other projects involved infrastructure, real estate, manufacturing and tourism.