Arab Press

بالشعب و للشعب
Saturday, Feb 04, 2023

Saudi Arabia’s investments in Egypt amount to $6.12bn: Egyptian trade minister 

Saudi Arabia’s investments in Egypt amount to $6.12bn: Egyptian trade minister 

Saudi Arabia is the second largest investor in Egypt, with $6.1 billion poured into 6,017 projects, according to the north African country’s Minister of Trade and Industry Ahmed Samir. 
The trade minister announced the investment figure during his visit to Riyadh on Dec. 25, where he met Saudi ministers and senior officials to boost bilateral ties between the two countries. 

According to Samir, Saudi Arabia’s investments in Egypt span across various sectors including industry, construction, tourism, agriculture, services, finance, communications and information technology.

The trade minister also added that trade exchange between Egypt and Saudi Arabia surged 41.3 percent year-on-year to $4.572 billion in 2021, compared to $3.236 billion in 2020. 

Back in August, Saudi Arabia’s Public Investment Fund launched the Saudi Egyptian Investment Company, aimed at investing in promising Egyptian sectors and widening PIF’s investment footprints in Africa. 

A statement by the Egyptian ministry noted that Samir had meetings with the Saudi Minister of Industry and Mineral Resources Bandar bin Sultan Al-Saud and Minister of Trade Majid bin Abdullah Al-Qasabi. 

During the meeting, ministers discussed ways to enhance investment cooperation between the two countries, and the talks also tackled ways to launch Egyptian-Saudi industrial partnerships in various production domains. 

Saudi Arabia is the top exporter among Arab Nations with exports worth $6.4 billion, followed by Kuwait, the UAE and Oman with exports worth $2.4 billion, $2.2 billion and $625.7million respectively, according to the Egyptian Central Agency for Public Mobilization and Statistics. 

In November, Saudi Press Agency reported that the Kingdom is exploring investment opportunities in Egypt’s improving real estate landscape following the recent move of the African nation to remove restrictions on foreign ownership of land. 

The report further noted that Saudi Arabia’s Real Estate National Committee has met with the Egyptian Businessmen’s Association to discuss potential real estate investments.

Earlier in June, during a meeting of the Egyptian-Saudi Business Council, Al-Qasabi noted that Saudi Arabia and Egypt signed investment agreements worth $7.7 billion under 14 deals.

Related Articles

Arab Press
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules