1 week Ago By brittany.lucas
JEDDAH: Saudi Arabia is advancing efforts to deepen economic integration with Egypt, as over 100 investors gathered in Cairo for a high-level forum to unlock $30 billion in investment opportunities. Led by Federation of Saudi Chambers Chairman Hassan Moajab Al-Huwaizi, the delegation began its visit on April 12 with the Saudi-Egyptian Business Forum, aimed at expanding collaboration in food security, industry, and real estate, as well as tourism and infrastructure, the Saudi Press Agency reported. The mission follows the recent ratification of a bilateral agreement designed to promote and protect cross-border investments.
The event, attended by more than 10 Egyptian ministers, underscores the growing alignment between the two countries. “The relationship between Egypt and Saudi Arabia is based on integration and strategic partnership,” Egypt’s Transport Minister Kamel Al-Wazir said, according to a post by FSC on X. He added that Egypt is prioritizing industrial development and investor access, specifically in energy and logistics.
“We are prepared to address challenges and promoting the reach of Saudi products across Africa,” Al-Wazir said. The investment protection agreement—originally signed during Crown Prince Mohammed bin Salman’s visit to Cairo in October and approved by Egypt’s parliament in March—is part of the broader work of the Saudi-Egyptian Supreme Coordination Council. It includes provisions on capital security, technology transfer, and human resource development.
Saudi Ambassador to Egypt Saleh bin Eid Al-Husseini said the agreement was finalized in record time to instill investor confidence. He also noted Egypt’s upgraded credit rating and highlighted increased connectivity, with 186 daily flights and 30,000 passengers traveling between the two countries. The business forum also included bilateral meetings, field visits to key development projects, and discussions with Egyptian institutions to translate opportunity into action.
Bandar bin Mohammed Al-Amri, head of the Saudi-Egyptian Business Council, said the forum united commercial and diplomatic leaders from both sides. “The support of both nations’ leaderships, along with the participation of more than 10 Egyptian ministers in the forum, underscores Egypt’s commitment to welcoming Saudi investors,” he said. He added: “With over 7,200 Saudi companies operating in Egypt with investments exceeding $35 billion, and more than 5,000 Egyptian companies active in the Kingdom, the economic relationship is both deep and strategic.
” About 700,000 Saudis currently live in Egypt, while more than 2.5 million Egyptians live and work in Saudi Arabia. “As key players in the Muslim world, the two nations enjoy a strategic partnership.
Nothing can affect this relation,” Al-Amri said. Bilateral trade between nations reached $6.5 billion in the first eight months of 2024, up from $4.
9 billion during the same period in 2023 — a 32.7 percent jump — according to Egypt’s Central Agency for Public Mobilization and Statistics. Egypt is now the Kingdom’s seventh-largest trading partner.
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