Investment is critical for Egypt’s economic growth, yet its dynamics remain shaped by persistent state dominance, crowding out private sector development. This chapter quantitively examines the interplay between public and private investment and assesses their impact on GDP growth. Findings suggest that while public investment initially stimulates economic activity, private sector investment is increasingly displaced, leading to inefficiencies and reduced long-term growth. The dominance of state-owned enterprises, regulatory constraints, and high government borrowing exacerbate these effects by limiting private sector access to markets and credit. Despite repeated reforms, including the recent State Ownership Policy, the state’s footprint in the economy remains extensive. To achieve sustainable, private sector-led growth, Egypt must recalibrate economic policies, to implement structural reforms with a whole-of-government approach, enhance competitive neutrality, improve access to finance, and withdraw from most sectors. We emphasize the need to replace state-driven investment with an approach that expands private sector participation.