Saudi investments in Egypt touches $ 32 billion: Planning Ministry

Ahram Online , Sunday 10 Sep 2023

Deputy Minister of Planning and Economic Development Ahmed Kamail said Sunday that Saudi investments in Egypt recorded $ 32 billion, stressing that Egypt seeks to increase cooperation in trade and investment with Saudi Arabia.

Saudi delegation led by Saudi Assistant Minister of Economy and Planning Suleiman Al-Obaid
Saudi delegation led by Saudi Assistant Minister of Economy and Planning Suleiman Al-Obaid.

 

Kamali's comments came during his meeting with a Saudi delegation led by Saudi Assistant Minister of Economy and Planning Suleiman Al-Obaid.

For his part, Al-Obaid noted that Saudi Arabia is interested in becoming better acquainted with Egypt's Vision 2030 and the plan to implement the vision's development goals.

The Central Agency for Public Mobilization and Statistics (CAPMAS) stated in August that Saudi Arabia was the biggest investor in Egypt in the first half of the fiscal year 2022/2023, with investments of up to $ 2.1 billion.

Meanwhile, trade exchange between Egypt and Saudi Arabia rose in 2022 by 13.5 percent to reach $ 10.3 billion, compared to $ 9.1 billion in 2021.

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