Saudi Arabia is preparing to pump billions into Egypt

He added that investments include the sectors of renewable energy, industry, real estate development, and tourism, in addition to investments in the technical sector.

Yesterday, Tuesday, Saudi Arabia and Egypt signed an agreement to encourage and protect mutual investments between the two countries, on the sidelines of the visit of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz to Egypt.

During the visit made by the Prime Minister of Egypt, Mostafa Madbouly, to Saudi Arabia last September, it was agreed to enhance cooperation between the private sectors in the two countries, represented by the Federation of Saudi Chambers of Commerce, the Federation of Chambers of Commerce, and the Federation of Egyptian Industries, in a way that contributes to raising the rates of trade exchange between the two countries.

In a related context, an informed source said that the formation of the Egyptian-Saudi Supreme Coordination Council, headed by the Egyptian President and the Saudi Crown Prince, will give a strong impetus to mutual joint investments between the two countries, which means that issues of investment and its protection will be on the table of the two leaders.

According to data from the Federation of Saudi Chambers of Commerce, the volume of trade exchange between the Kingdom and Egypt amounts to about 48 billion riyals, while the value of Saudi imports from Egypt is estimated at 20 billion riyals, and Saudi exports to Egypt reach 28 billion riyals.

Saudi investments in Egypt amount to about 127 billion Saudi riyals, while 805 Saudi companies operate in Egypt, and the volume of Egyptian investments in Saudi Arabia amounts to 18.7 billion riyals through 6,830 Egyptian companies.

Source: Cairo 24