$500 million revitalizes the state treasury

Saudi Arabia has recently intensified its investments in Egypt, and the most recent investments exceeded two billion dollars, distributed mainly in the energy, real estate, and tourism sectors.

Saudi investments in Egypt

Just last week, Cairo witnessed the visit of a high-level Saudi delegation headed by the Minister of Commerce, Majed Abdullah Al-Qasabi, in addition to the organization of the Egyptian Gulf Business Forum with the participation of Saudi businessmen, in addition to preparations for signing an agreement to protect mutual investments.

In this context, Fayez Al-Shuaili, Vice President of the Federation of Saudi Chambers, indicated in press statements on the sidelines of his participation in the Egyptian Gulf Forum on Wednesday, that the Egyptian market is huge and promising, noting that there are many available opportunities.

Real estate investment and development

Regarding sectors, Al-Shuaili pointed out that there are many sectors that attract Saudi investors, especially renewable energy, industry and mining.

The Saudi investments announced in recent days support this trend, as Turki Al-Hokair, CEO of FAS Investment and Real Estate Development Company, affiliated with the Fawaz Al-Hokair Group, revealed pumping new investments into Egypt worth $1.5 billion during 2024.

Al-Hokair added that the new investments will focus on the energy, real estate, and infrastructure sectors in Egypt, revealing that the group’s current investments in Egypt amount to $5 billion.

Egyptian economy

It is noteworthy that Saudi Arabia also has deposits in the Central Bank of Egypt worth $10.3 billion, of which $5 billion are short-term deposits, and others worth $5.3 billion are medium and long-term, according to the latest report issued by the Central Bank regarding the external situation of the Egyptian economy.

Volume of trade exchange

Egypt is betting on investments to strengthen its economy, which was greatly affected by the Russian-Ukrainian war and increases in US interest rates, which affected the majority of emerging markets, including Egypt.

The country plans to attract $25 billion in foreign direct investment within 5 years, according to Hossam Haiba, CEO of the General Authority for Investment and Free Zones, in a previous interview on the sidelines of the "Future Investment Initiative" held in Riyadh.

Egypt expected to attract foreign investments of about $12 billion during the current fiscal year that ends on June 30, 2024, an increase ranging from 15% to 20% over the previous year.