Housing Minister, Saudi delegation explore investment opportunities in Egypt



Tue, 02 Jan 2024 - 02:38 GMT


Tue, 02 Jan 2024 - 02:38 GMT

CAIRO - 2 January 2024: The Minister of Housing, Utilities & Urban Communities, Assem el Gazzar, recently convened a meeting with Prince Khalid bin Saud bin Turki Al Saud and Amr Afifi, CEO of Saudi SFIG Group. The purpose of the meeting was to discuss and evaluate the numerous investment opportunities available in Egypt across various sectors.

During the meeting, Minister el Gazzar presented a comprehensive overview of investment prospects in key fields such as tourism, hospitality, and food manufacturing. Additionally, he highlighted the potential for investment in the central business district of the New Administrative Capital, as well as the downtown towers area in New Alamein City, which piqued the interest of the Saudi delegation.

Prince Khaled bin Saud bin Turki Al Saud commended Egypt for its remarkable efforts in implementing large-scale projects within record timeframes and across diverse industries. He emphasized his keen interest in investing in Egypt.

It is worth noting that Saudi Arabia has been actively pursuing the goal of bolstering bilateral trade with Egypt, with the aim of reaching a substantial figure of $100 billion. Fayez Alharbi, the Second Vice Chairman of the Federation of Saudi Chambers, previously announced this objective in November, underlining the importance of mutually beneficial trade relations.

Furthermore, Alharbi revealed that Saudi investors are seriously considering venturing into Egypt's renewable energy sector in the near future. He also disclosed that there are currently 802 Egyptian companies already engaged in investment activities in Saudi Arabia, with plans for further expansion in the kingdom



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