Egypt, Saudi Arabia sign 14 investment agreements worth $7.7B
The Saudi embassy in Cairo said that agreements were signed aimed at enhancing investment cooperation and economic growth between Egypt and the Kingdom, including 14 investment agreements worth more than 29 billion riyals.
The agreements were signed between a group of leading Saudi companies in various fields and several Egyptian companies and authorities.
The Ministry of Commerce said that the Egyptian-Saudi relations extend over decades, and they are united by an extended partnership in various fields.
The ministry explained, in an infographic, which was published on its official account on Twitter that the volume of trade exchange between Egypt and Saudi Arabia amounted to 172 billion Saudi riyals over 5 years.
It pointed out that the trade volume between the two countries increased by 85% in 2021 compared to 2020, pointing to the growth of Saudi non-oil exports to Egypt during 2021, recording 7.2 billion riyals.
The Ambassador of the Custodian of the Two Holy Mosques to the Arab Republic of Egypt, Osama bin Ahmed Naqli, revealed that the volume of Saudi investments in Egypt had risen to $30 billion in recent years.
“The volume of Saudi investments in Egypt has risen to $30 billion in recent years, and there is aspiration and work to increase the volume of investments and their multiples, “Naqli said.
The Kingdom’s ambassador to Cairo indicated that Saudi investments in Egypt at the governmental and private levels include all sectors such as industry, health, agriculture, real estate development, and others.