In its annual ranking of Africa's top investment destinations, Rand Merchant Bank Holdings (RMB) placed Egypt as Africa's top investment destination for 2018, overtaking South Africa for the first time in seven years, El Ahram reports.

Coming in third is the Kingdom of Morocco, followed by Ethiopia and Ghana, ranking in fourth and fifth place respectively. Tunisia made the ranking as the 9th most attractive investment destination on the continent.

The up-ranking of Egypt to the 1st position is due to "its superior economic activity score and sluggish growth rates in South Africa," according to the report.

The news comes as the Egyptian government enacts deep economic reforms aiming at attracting foreign investment and revamping tourism.

RMB Holdings is a South-Africa based diversified financial bank that was founded in 1987 and has since substantially grown to be one of the leading banking and financial institutions in the continent.