Egypt, Saudi Arabia set to sign $1.5 billion agreements during upcoming business forum

Ahram Online , Saturday 18 Nov 2023

Egypt and Saudi Arabia are preparing to sign agreements worth $1.5 billion at the upcoming Egyptian-Saudi Business Forum scheduled to take place in Cairo on Monday, 20 November, Turki Al-Hokair, a member of the Egyptian-Saudi Business Council said on Saturday.

File photo: Saudi and Egyptian flags
File photo: Saudi and Egyptian flags


Al-Hokair added that a delegation from the council will attend the forum to facilitate the exchange of investment and trade opportunities between the two countries.

He also commended the Egyptian government's efforts to overcome challenges faced by Saudi investors, acknowledging the remarkable achievements Egypt has made in the face of global economic challenges.

Highlighting historical relations between Egypt and Saudi Arabia, Al-Hokair emphasized the complementary nature of their economies and investment sectors.

Mutual cooperation enhances investment opportunities for both countries, he stated to the press.

These recent advancements align with Egypt's broader objective of attracting foreign investments, particularly from Gulf countries, to strengthen its dwindling US dollar reserves.

To achieve this goal, Egypt has been offering state-owned assets through its IPO programme, offering strategic investors with stakes in 35 state-owned companies.

Over the years, Egypt and Saudi Arabia have maintained warm relations in various fields, including politics, economics, and security. They have consistently coordinated on regional issues, further deepening their ties.

In July, the two nations signed a memorandum of understanding (MoU) to enhance cooperation in the development of non-oil exports. Another MoU was signed to promote the growth of the automotive industry.

Official data indicates that trade exchange between Egypt and Saudi Arabia saw a 13.5 percent increase in 2022, reaching $10.3 billion, compared to $9.1 billion in 2021.

Egypt's exports to Saudi Arabia amounted to nearly $2.5 billion in 2022, marking an 11.2 percent increase from the previous year's $2.2 billion. Meanwhile, Egypt's imports from Saudi Arabia reached $7.9 billion in 2022, reflecting a 14.3 percent increase compared to $6.9 billion in 2021.

Saudi investments in Egypt also experienced significant growth, rising from $325.3 million in the fiscal year 2020/21 to $491.6 million in the fiscal year 2021/22, representing a remarkable 51.5 percent increase.

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