$30 billion.. the volume of Saudi investments in Egypt

The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, said that Egypt will be a center for Saudi exporters to access Africa.

Increasing investment in Egypt

He revealed that the two countries signed an agreement to provide production inputs for many industries in the Kingdom, with expectations of increasing trade exchange between Saudi Arabia and Egypt in the coming years.

And he added, "We look forward to benefiting from Egypt's capabilities in the automotive industry, and Saudi investors have a desire to increase investment in Egypt."

$30 billion

Bandar Al-Khorayef, the Saudi Minister of Industry and Mineral Resources, said that the volume of Saudi investments in Egypt has reached $30 billion, adding that it is subject to increase and growth.

$21 billion

He added that the volume of trade exchange amounted to 21 billion dollars, indicating that it is less than aspirations, but it is a good start and indicates the existence of great opportunities between the two countries.

He expected trade exchange to grow significantly, because part of the investments that have not yet begun to produce, and once production begins, there will be great opportunities to contribute to trade exchange.

He added, "We care about the quality of trade exchange, not just the quantity, because the quantities associated with volatile market conditions, but we aim for sustainability."

ِArtificial intelligence

He continued, "We have opportunities to develop the industrial sector to develop and adopt artificial intelligence, as the two countries have great human energies that are able to provide quality job opportunities for the sons and daughters of the two countries in this sector, and this creates a large space for rapid growth."

Currency scarcity crisis

The Saudi Minister of Industry and Mineral Resources said that he discussed with the Egyptian side the issue of the foreign currency scarcity crisis.

He added, on the sidelines of his visit to Egypt, that he is working to find solutions for Saudi investors in Egypt regarding the currency scarcity crisis.

The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, said that there are more than 70 agreements in various sectors and fields that the Egyptian and Saudi sides are seeking to sign, and two agreements were recently signed in the industrial sector.

Mining sector

He added, in the mining sector; The Kingdom and Egypt are close in geological terms, and the Arab and Nubian shields are similar to a large extent in terms of natural resources. Egypt somewhat preceded us in this sector. We seek to know the Arab Shield to know the wealth in it, and Saudi Arabia focuses on the type of future minerals that the world needs for zero neutrality to manufacture energy components. Egypt is also interested in this aspect, and there is joint complementary work, and Egypt is one of the first partners who contributed with us to the Future of Minerals Conference, which was held in the Kingdom in 2022, and it is one of the most important stations.