Egypt inks deals with Saudi Arabia to inject $15 bln worth of investments: Al-Amiri

Ahram Online , Wednesday 16 Oct 2024

Egypt has inked deals with Saudi Arabia to inject $15 billion across various sectors, including renewable energy, industry, real estate development, tourism, and technology, Bandar Al-Amiri, head of the Saudi-Egyptian Business Council, told Al-Arabiya TV on Wednesday.

Flag Saudi Egypt AFP
Flag Saudi Egypt. AFP

 

These deals were established during the visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman to Egypt. They include establishing the Egyptian-Saudi Supreme Coordination Council and a pact of agreements designed to protect and promote mutual investments between the two countries.

Al-Amiri highlighted the commitment of Egypt's private sector representatives to probe investments in other countries, in line with the agreements made in Saudi Arabia.

According to the Federation for Saudi Chambers of Commerce and Industry, investments between Egypt and Saudi Arabia have reached 48 billion riyals, with Egyptian imports valued at 20 billion riyals and Saudi exports at 28 billion riyals. Egypt ranks as Saudi Arabia’s seventh-largest trading partner.

Saudi Investment Minister Khaled Al-Falih noted that trade ties between the two nations exceeded $124 billion in 2022 and 2023.

In August, during a meeting with Egyptian Prime Minister Mostafa Madbouly in New Alamein, Al-Falih announced Saudi Arabia's desire to convert its deposits at the Central Bank of Egypt (CBE) into direct investments.

Additionally, in September, Crown Prince Mohammed bin Salman revealed that the Saudi Public Investment Fund (PIF) intends to invest $5 billion in Egypt as part of an initial phase, according to the Egyptian cabinet.

This partnership reflects a strategic alignment between the two nations, aiming to bolster economic growth and enhance cooperation across multiple sectors.

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