Saudi-Egyptian Investment Forum Takes Place in Cairo, Fostering Bilateral Economic Cooperation
A strategic investment forum between Saudi Arabia and Egypt was held in Cairo today, under the theme “Strategic Partnership for Development,” with the aim of enhancing economic cooperation and exploring investment opportunities. The event was attended by officials and businessmen from both Saudi Arabia and Egypt.
During his speech, the CEO of the General Authority for Investment and Free Zones in Egypt, Hussam Hibah, praised the exemplary Saudi-Egyptian relations as a model for cooperation and integration at all economic, cultural, and political levels. He emphasized the government’s commitment to addressing challenges facing Saudi companies investing in Egypt, with solutions already found for 90% of these challenges, and efforts ongoing to resolve the rest.
Hibah highlighted Egypt’s focus on creating an attractive investment environment and providing support for foreign investments, particularly Saudi investments, which are crucial for sustainable development in Egypt. He mentioned the establishment of a special unit for Saudi investments in Egypt to support Saudi companies and the vital role played by the investment protection agreement between the two countries in promoting and developing joint investments.
He stressed the importance of strengthening economic and trade relations between Saudi Arabia and Egypt to leverage global economic and geopolitical changes, promoting bilateral trade, increasing joint investments, collaborating in industrial zones, and expanding cooperation in services.
In his address, the Vice President of the Saudi Chambers of Commerce, Fayez Al-Sha’ily, highlighted the historical and strategic depth of relations between Egypt and Saudi Arabia, emphasizing the importance of mutual understanding and cooperation across various fields. He commended the efforts made by both countries to establish new companies that contribute to development and sustainability, showcasing the spirit of innovation among Saudi and Egyptian businessmen needed for progress.
Moreover, the Chairman of the Saudi-Egyptian Business Council, Bandar bin Mohammed Al-Amri, expressed support for both countries’ leadership in boosting the private sector. He revealed that the current investment volume of Saudi private companies in Egypt amounts to $35 billion, with plans to increase this to $50 billion in the next 4 years. Al-Amri mentioned the presence of around 5000 Egyptian companies operating in Saudi Arabia due to its attractive and supportive investment environment.
Dr. Abdul Khaliq Ibrahim, Assistant Minister of Housing in Egypt, highlighted real estate development as a fundamental pillar for economic development in both Saudi Arabia and Egypt, noting that Saudi investments in the real estate sector are among the largest foreign investments. He announced the establishment of a permanent unit to facilitate the work of Saudi investors within the Urban Communities Authority, aiming to streamline procedures, present investment opportunities, and overcome obstacles faced by Saudi investors in real estate development. Plans are also underway to establish a joint real estate fund between the two countries and organize a Saudi-Egyptian real estate forum to create common real estate portfolios among developers in both nations.
The forum discussed investment opportunities, incentives, and business partnerships in various sectors such as industry, real estate development, tourism, economic and free zones. The event concluded with the signing of several memoranda of understanding between Egyptian and Saudi companies in different fields, showcasing the commitment to further enhance cooperation and collaboration between the two countries.
