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Egypt, Saudi sign $7.7bn deals; focus on infra, green energy

CAIRO, 10 days ago

Egypt and Saudi Arabia have signed 14 agreements worth $7.7 billion during the recent visit to Cairo by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, and Deputy Prime Minister.
 
The agreements were signed at the Public Authority for Investment's headquarters in Cairo, in the presence of a number of Saudi and Egyptian officials and investors.
 
Prince Mohammed was received by Egypt President Abdel Fattah El Sisi and later the two leaders  discussed overall bilateral relations.
 
They also discussed ways to strengthen these ties across various fields, as well as regional and international political issues of common interest, within the framework of the deep and historical strategic partnership between the two countries, which aims to achieve security, stability, development and peace.
 
The major agreements signed include those related to investment in several fields, such as infrastructure, renewable energy projects, green hydrogen, medicine and e-commerce. 
 
They also cover the sectors of infrastructure, logistics, port management, food industries, pharmaceutical industry, conventional energy, renewable energy, electronic payment system, and financial and information technology solutions.
 
Meanwhile, an economic report – released by the Federation of Saudi Chambers (FSC) on the occasion of the royal visit showed that the Saudi-Egyptian economic relations are based on a solid foundation of institutional frameworks represented by economic cooperation agreements and the Joint Saudi-Egyptian Business Council, which represent important tools to develop the cooperation fields and opportunities between the two countries at all levels.
 
The report showed that the two countries have had more than 160 bilateral agreements supporting the growth of economic ties.
 
The trade exchange volume reached around SR54 billion in 2021, marking the highest value historically and realising a growth rate of 87% compared with 2020, where the volume of Saudi exports to the Egyptian market stood at SR38.6 billion and Egyptian imports to the Saudi market hit SR15.7 billion with a record increase of 60%. 
 
According to the report, Saudi investments in Egypt exceeded $32 billion through more than 6,800 Saudi companies, while Egyptian investments in the Kingdom of Saudi Arabia stand at $5 billion through more than 802 Egyptian companies.
 
Saudi investments in Egypt are mainly focused on the industrial, construction, tourism, financial, services, agricultural, and ICT sectors, while Egyptian investments in the Kingdom of Saudi Arabia are mainly in the industrial, construction, ICT, wholesale and retail, and technological, scientific and professional services, it added.-TradeArabia News Service



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