$6.3 billion.. value of Saudi investments in Egypt

Engineer Ahmed Samir, Minister of Trade and Industry, said that the volume of Saudi investments in Egypt amounts to $6.3 billion in 7,444 projects in the sectors of industry, construction, tourism, services, agriculture, finance, communications, and information technology.

The minister pointed out in a statement on Sunday that the value of Egyptian investments in Saudi Arabia amounts to $1.6 billion in 2,027 projects in the manufacturing, wholesale and retail trade, and construction sectors.

Samir noted that the total volume of trade exchange between the two countries last year amounted to about 5 billion and 665 million dollars, compared to about 4 billion and 572 million dollars in 2021, achieving an increase rate of 23.9%.

This came during Samir holding an extensive session of discussions with Dr. Majid Al-Qasabi, Saudi Minister of Commerce, in the presence of a large number of Saudi investors. The meeting discussed ways to develop economic cooperation relations between the two countries in various commercial, industrial and investment fields.

The meeting reviewed developments in the global economic situation in light of successive crises, and a number of topics and files of common interest, according to the statement.

Strategic bilateral relations

The meeting was attended by Dr. Iman Al-Mutairi, Saudi Deputy Minister of Commerce, Ambassador Osama bin Ahmed Al-Naqli, Saudi Ambassador to Egypt, Dr. Bandar Al-Amiri, Head of the Saudi side at the Egyptian-Saudi Business Council, Minister Trade Commissioner Yahya Al-Wathiq Billah, Head of Commercial Representation, and Dr. Amani Al-Wasal, Head of the Foreign Agreements and Trade Sector. 

The minister said that Egypt and the Kingdom of Saudi Arabia are linked by strategic bilateral relations based on a long history of fraternal cooperation based on the fraternal bond between the leadership and peoples of the two countries and aimed at achieving the common interest of the Egyptian and Saudi economies alike.

He pointed out the importance of strengthening joint efforts between Cairo and Riyadh to confront the negative effects resulting from the successive global economic crises by achieving trade and industrial integration between the two countries.

Saudi investments in Egypt

Samir explained that Egypt is sparing no effort in overcoming all the obstacles facing Saudi investments in Egypt in an effort to enhance these investments in vital sectors of common interest, pointing to the efforts made by the government during the current stage to facilitate investment procedures and facilitate the establishment of companies, whether through expanding the granting of licenses. Gold medal for investors in various sectors, as well as facilitating procedures for allocating industrial lands and granting tax exemptions for a period of up to 10 years, in addition to providing 152 investment opportunities in a number of strategic sectors with distinct incentive packages.

The Minister pointed out the state's keenness to move forward with plans for industrial integration between the two countries in order to meet the needs of the Egyptian and Saudi markets and export to regional markets, pointing out the importance of strengthening joint efforts to facilitate the movement of exchange of goods between the two sides and in a way that contributes to increasing the rates of trade exchange between Egypt and Saudi Arabia.

Samir pointed out that the global economic map is changing, as the international arena has witnessed the emergence of new markets, which has resulted in real commercial and industrial opportunities, noting that the political leaderships in Egypt and Saudi Arabia are paying great attention to advancing the movement of joint investment and industrial cooperation.

Strengthening economic cooperation frameworks

Dr. Majid Al-Qasabi, Saudi Minister of Commerce, indicated the Kingdom’s keenness to strengthen economic cooperation frameworks with Egypt in various fields, especially in the investment and industrial fields.

Al-Qasabi added that the successive global crises that began with the Corona virus crisis, the Russian-Ukrainian crisis, and the disruption of supply chains pushed the governments of the two countries to move toward achieving integration between Egypt and Saudi Arabia and achieving food and pharmaceutical self-sufficiency.

He pointed out the importance of exploring and promoting cooperation opportunities between the business communities of the two countries and introducing them to governments and citizens, especially in light of the consensus of visions between the leaderships of the Kingdom and Egypt.