Deals worth $1.5bn likely to be signed at Egyptian-Saudi business forum

RIYADH: Investments between Saudi Arabia and Egypt are set to flourish as multiple agreements worth $1.5 billion are expected to be signed during the Egyptian-Saudi Business Forum. 

According to Egyptian-Saudi Business Council member Turki Al-Hokair, the event will coincide with the visit of Saudi Commerce Minister Majid bin Abdullah Al-Qasabi to Egypt and is scheduled for Nov. 20 in Cairo, Egyptian newspaper Al-Ahram reported. 

A delegation from the council will attend the forum, which aims to facilitate the exchange of investment and trade opportunities between the two countries, Al-Hokair said. 

The investments align with Egypt’s broader goal of attracting foreign investments, particularly from Gulf countries, to bolster its decreasing US dollar reserves.

He added that the majority of the expected investments are concentrated across sectors like energy, real estate investment, agriculture, and tourism. 

Al-Hokair underscored the depth of the historical relations between the two countries and the complementarity between them in all economic and investment fields and sectors, enhancing mutual investment opportunities. 

Meanwhile, the first Gulf-Egyptian Business Forum is set to take place on Nov. 22-23 in Cairo, with the goal of developing proposals that foster strong economic partnerships between the involved parties, the Saudi Press Agency reported. 

Organized by the Federation of Egyptian Chambers of Commerce, the forum will see the participation of officials and businessmen from GCC countries and nations in Africa. 

The event comes as the volume of trade exchange between Egypt and GCC countries exceeded $30 billion in 2022, including $20.4 billion for Gulf exports and $9.5 billion for Gulf imports from Egypt, according to the president of the Federation of Gulf Chambers, Hassan Al-Huwaizi.

He stated that Gulf investments in Egypt are old and extend back decades. However, they have increased in recent years, citing Egyptian economic reforms, an improved investment environment, and efforts to attract Gulf investments. 

Al-Huwaizi also noted that the volume of Gulf investments in Egypt exceeds $62 billion, with more than 8,500 Gulf companies investing in Egypt.