FILE - General Authority for Investment and Free Zones (GAFI)
CAIRO - 21 June 2022: Agreements signed between Egypt and Saudi Arabia represent a qualitative transfer in investment relations between the two countries, according to CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel Wahab.
Abdel Wahab elaborated that these agreements will support the infrastructure, logistics and technology sectors; which work to develop the capabilities of the Egyptian economy.
Mohamed Abdel Wahab said, during a conference held, Tuesday, that the document "State Ownership Policy" announced by Mustafa Madbouli, Prime Minister, emphasized the state's keenness to create equal opportunities, enhance competition mechanisms and empower the private sector; which is what we are reaping now.
He explained that the General Authority for Investment and Free Zones will do its part to support Saudi investment projects and remove all challenges to their implementation, as the golden license will be granted to companies that establish strategic or national projects, in addition to providing various facilities with regard to procedures for investors to obtain land.
He added that Saudi investors will be provided with the necessary information about the new investment opportunities available on Egypt's investment map, which includes more than 2,700 investment opportunities in various economic sectors.
ACWA Power has signed an agreement for the generation and transmission of electricity from wind energy with the Electricity Holding Company for Electricity of Egypt to produce and generate clean energy from wind energy technology with an installed capacity of 1100 megawatts.
Al-Fanar International Development Company signed two agreements, the first with the Arab Organization for Industrialization to produce wind energy and green hydrogen, and the second agreement with a group in the field of information technology and digital solutions.
The Ajlan & Bros Holding Group signed several investment agreements with the Egyptian side, in the fields of petroleum products, infrastructure, renewable energy, logistics, food industries, food security, the pharmaceutical industry, the automobile industry and the entertainment industry.
The agreements were signed on the Egyptian side by representatives of Sami Saad Group, Triangle Group, Magrabi Agricultural Company, Pharco Pharmaceutical Company, Hassan Allam Group, Arab Group for Supply Chains, and Arise Ports and Logistics; to develop, finance and operate a multi-purpose terminal within the port of Damietta.
The Business Research and Development Company (T2) also signed an investment agreement with Fawry for Banking Technology and Electronic Payments to develop financial technology solutions to serve the movement of trade exchange and remittances between the two countries.
In the same field, Khwarizmi Ventures and Khazna signed an investment agreement with the aim of expanding in the Kingdom of Saudi Arabia and providing mobile financial services to the Kingdom's workforce.
With regard to food industries, Aquat Food Industries and Halawani Misr signed a memorandum of understanding in order to grant the Egyptian company the rights to manufacture Aquat/Al-Baik products in Egypt.
In the medical and pharmaceutical sector, Jamjoom Pharma announced the inauguration of the Jamjoom Pharma factory in Egypt.
The signing ceremony between the two sides also witnessed the signing of the Executive Program Agreement for Cooperation in the Media Field between the Saudi Minister of Information and the Chairman of the Supreme Council for Media Regulation; this is to enhance bilateral cooperation between the two sides in the fields of press, radio, television, drama production and digital media.