Saudi Arabia’s investments in Egypt have reached SAR 93.75 billion (USD 25 billion) according to announcements at the first meeting of the Egyptian-Saudi Economic Committee in Cairo. The meeting addressed Saudi investors’ challenges, with work continuing to resolve these issues and boost confidence.
New Framework Will Advance Industrial Integration Across 28 Sectors
The committee’s work incorporates enhancing trade balance and boosting coordination between Saudi Arabia’s Public Investment Fund (PIF) and the Sovereign Fund of Egypt (TSFE). Furthermore, a new framework will advance industrial integration across 28 sectors, improving logistics and customs, while expanding cooperation in digital trade and electronic payments. Moreover, strategic cooperation between both countries focussed on economic and developmental fields. Notably, the committee includes representatives from ministries overseeing industry, transport, finance, planning, international cooperation, communications, electricity, agriculture, environment and tourism. In addition, the General Authority for Investment and Free Zones (GAFI) and the Industrial Development Authority (IDA) were represented. The meeting marks a significant step toward advancing bilateral economic cooperation and unlocking new investment opportunities that contribute to sustainable development and closer economic integration.
Joint Investment Agreement Signed To Expand Trade Exchange
Importantly, the Egyptian-Saudi Joint Business Council has successfully implemented the joint investment agreement signed last year to expand trade exchange. Moreover, through continuous coordination and joint planning, Egypt and Saudi Arabia aim to build a new phase of strategic economic partnership that maximizes mutual benefits and reinforces their positions as regional investment hubs.
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