Saudi Minister Khalid al-Falih - File Photo
CAIRO - 21 June 2022: Egypt and Saudi Arabia are in the process of signing an investment protection agreement between the two countries, according to Saudi Minister of Investment, Khalid Al-Falih.
This came during his speech on the sidelines of the conference held at the Egyptian Investment Authority, Tuesday, to sign investment agreements for the private sector.
Al-Falih said that the investment protection agreement aims to establish a framework to stimulate the private sector in the two countries to pump more investments.
The conference witnessed the signing of about 14 memoranda of understanding (MoU) by Egyptian and Saudi companies in several fields.
Memoranda of understanding were signed at the headquarters of the General Authority for Investment and Free Zones in Egypt, between the private sectors in Egypt and Saudi Arabia, in the fields of petroleum, renewable energy, green hydrogen, information technology, e-commerce, pharmaceuticals, infrastructure and cyber security.
The Council of Saudi Chambers of Commerce had revealed in a report that the volume of Saudi investments in Egypt amounted to more than $32 billion dollars; through more than 6800 Saudi companies, while the Egyptian investments in Saudi Arabia amounted to $5 billion through more than 802 Egyptian companies.