This represents a 148 percent increase compared to the same period last year, highlighting the rapid expansion of Egyptian businesses in the Saudi market and reflecting the robust economic ties between the two nations.

The real estate sector witnessed the highest growth in licences for Egyptian companies, surging by 253 percent year-on-year. Construction, professional services, education, and agriculture also saw significant increases, according to the report.

The Saudi investment ministry reported a strong first quarter, with overall investment licence issuance rising by 93 percent year-on-year. The kingdom has made attracting foreign direct investment and establishing regional headquarters a key pillar of its economic diversification strategy.

Saudi Minister of Investment Khalid Al-Falih announced in February that the country had granted licences to 450 international investors to open regional headquarters in the Kingdom, significantly exceeding initial targets.

The Ministry also reported a 477 percent increase in licences issued to foreign companies for establishing regional headquarters in the first quarter of 2024 compared to the same period last year.

Saudi investments in Egypt recorded $6.3 billion across 7,444 projects in sectors of industry, construction, tourism, services, and telecommunications, among others, Egypt’s Minister of Trade and Industry announced in November.