Saudi Arabia’s FAS to invest $1.5B across sectors in Egypt in 2024



Mon, 20 Nov 2023 - 01:45 GMT


Mon, 20 Nov 2023 - 01:45 GMT

CAIRO – 20 November 2023: Alhokair Group’s FAS Investment and Real Estate Development announced plans to invest $1.5 billion in Egypt during 2024, according to the company’s CEO Turki Alhokair statements to Ashraq Bloomberg. Alhokair added that FAS's current investments in Egypt amount to $5 billion.

The investment will be across the energy, real estate, and infrastructure sectors in Egypt. This was on the sidelines of a press conference held at the Ministry of Trade and Industry on Sunday.

Earlier this week, the Minister of Trade and Industry Ahmed Samir met with his Saudi counterpart Commerce Minister, Majid Al Qasabi to discuss ways to develop economic cooperation relations between the two countries, in the presence of a number of Saudi investors.

Al Qasabi also met with Prime Minister Mostafa Madbouly on Sunday where he declared that the time has come for synergy and cooperation and came to an agreement to organize a Saudi-Egyptian forum happening today to promote investment opportunities in both nations.

The Saudi commerce minister stated that more than 70% of challenges encountered by Saudi investors in Egypt have been resolved, with ongoing efforts to tackle the remaining issues, during his meeting with Madbouly.

Egyptian and Saudi companies could sign investment agreements across energy, real estate, agriculture, and tourism sectors worth up to $1.5 billion on Monday as part of the forum.



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