Saudi Arabia and Egypt recently hosted a joint business forum in Cairo, organised by the Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones. It discussed incentives to boost trade, investment and cooperation in sectors including industry, real estate, tourism and special economic zones. Accordingly, both parties are focusing on enhancing capital inflows, creating jobs and strengthening economic cooperation.
Saudi Investment Promotion Authority Grants 7,000 Licences
Demonstrating the flourishing relationship, the Saudi Investment Promotion Authority (SIPA) has granted 7,000 licences for Egyptian investments in the Kingdom. Inversely, Saudi Arabia will remain a leading investment partner for Egypt, which has total deposits in Egypt’s central bank worth SAR 38.63 billion (USD 10.3 billion). Notably, trade between the two countries increased by 29% reaching SAR 60 billion (USD 15.9 billion) in 2024.
The Kingdom is Promoting its Special Economic Zones
During the forum, Saudi officials highlighted plans to boost investment in the Kingdom by promoting its special economic zones. Subsequently, SIPA is focusing on sectors including cloud computing, logistics, automotive manufacturing, as well as shipbuilding, food, mining and pharmaceuticals. In addition, the Kingdom is actively promoting its National Initiative for Global Supply Chains to strengthen regional and global connectivity in key sectors. On the other hand, Egypt’s General Authority for Investment and Free Zones is working hard to strengthen its investment climate with policy and infrastructure reforms. Notably, a dedicated business unit has been created to manage Saudi investment affairs and facilitate project delivery.
Saudi and Egypt Sign Widespread Health MoU
In associated news, Saudi’s Ministry of Health recently agreed a memorandum of understanding (MoU) with the Egyptian Ministry of Health. Under the MoU, both ministries will strengthen cooperation while implementing public health and epidemic control programmes. Further aims include enhancing therapeutic services and virtual medicine, in addition to improving health insurance and e-health applications. Moreover, the MoU also covers the exchange of joint expertise in pharmaceutical care and drug information centres, antimicrobial drug surveillance systems and the rational use of antimicrobials.
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