Saudi Arabia invested $6.3B in 7.4K projects in Egypt



Mon, 20 Nov 2023 - 01:37 GMT


Mon, 20 Nov 2023 - 01:37 GMT

CAIRO - 20 November 2023: Saudi Arabia has made $6.3 billion investments spread across 7,444 different projects in Egypt.

These investments span over various sectors including industry, construction, tourism, services, agriculture, finance, communications, and information technology, according to statements by the Minister of Trade and Industry, Ahmed Samir.

Egypt has invested $1.6 billion in Saudi Arabia, contributing to 2,027 projects. Moreover, the total trade volume between Egypt and Saudi Arabia increased by 23.9 percent in 2022, to reach $5.6 billion, surpassing the previous year's figure of about $4.5 billion.

These developments were discussed during a meeting between the trade minister and his Saudi counterpart, which aimed to enhance economic cooperation between Egypt and Saudi Arabia, in the presence of a number of Saudi investors.

The Saudi private sector actively invested in Egypt, with investments amounts to $35 billion, Chairman of the Saudi-Egyptian Business Council, Bandar Al-Amiri,  announced this figure during a press conference at the Egyptian Ministry of Trade and Industry.

In a separate report by the Ministry of Planning and Economic Development in September, it was revealed that the trade exchange volume between Egypt and Saudi Arabia had reached $32 billion during the fiscal year 2022-2023.

Saudi Commerce Minister, Majid Al-Qasabi, in discussions with Egyptian Prime Minister Mostafa Madbouly, stated that more than 70 percent of challenges encountered by Saudi investors in Egypt have been resolved, with ongoing efforts to tackle the remaining issues.



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