Egypt is set to launch a Saudi investment office at the headquarters of the General Authority for Investment and Free Zones (GAFI) in Cairo this August with the aim of boosting economic and investment ties between the two countries.
Hossam Heiba, CEO of GAFI, recently stated that the authority prioritizes the Kingdom’s investment and it has agreed to raise Saudi investments in Egypt. Heiba added that the authority plans to open similar offices for countries that have major investments in Egypt. He added that the number of Egyptian companies in Saudi Arabia has increased to 4,000 so far.
Developing mutual investments
Saudi Arabia’s Minister of Investment, Khalid Al-Falih, recently held key meetings with multiple Egyptian ministers. He reviewed the relations between the two countries and expressed his openness to developing mutual investments and solving any challenges that Saudi investors are facing in Egypt.
In a recent statement, Al-Falih also announced that Saudi Arabia aims to convert its deposits in the Central Bank of Egypt (CBE) into investments in the country. According to the CBE, Saudi Arabia’s deposits in Egypt reach up to $10 billion, $5.3 billion of which are reimbursable by the end of October 2026.
In addition, official figures reveal that by November 2023, Saudi Arabia’s investments in Egypt reached $6.3 billion across 7,444 projects in several sectors including industry, construction, tourism, services and telecommunications.
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Encouraging and protecting investments
In addition, Saudi Arabia’s Ministry of Investment revealed in a recent report that Egyptian companies secured 30 percent of investment licenses in the Kingdom during the first quarter of the year, taking 950 of the 3,157 licenses the ministry issued.
Al-Falih added that Egypt and Saudi Arabia are currently discussing signing an agreement to encourage and protect investments. Both parties aim to complete the agreement before the end of August, according to a recent statement by the Egyptian Ministry of Investment and Foreign Trade.
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