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Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Agreement reached to establish joint Saudi-Kyrgyz Business Council
BISHKEK — Saudi Arabia and Kyrgyzstan have signed an agreement to establish a joint Saudi-Kyrgyz Business Council, a significant step towards advancing economic cooperation. The agreement was signed by the Federation of Saudi Chambers of Commerce (FSC) and the Kyrgyz Chamber of Commerce and Industry during the Saudi-Kyrgyz Business Forum in Bishkek, capital of Kyrgyzstan. FSC Chairman Hassan Alhwaizy emphasized that the council's establishment underscores a mutual commitment and will provide a robust platform for business leaders to cultivate commercial partnerships and leverage ample opportunities between the two nations. Meanwhile, Prime Minister of the Kyrgyztan Adylbek Kasymaliev met with FSC Chairman Hassan Alhwaizy in Bishkek on Tuesday, along with his accompanying delegation of Saudi investors and representatives from government agencies. Speaking on the occasion, Kasymaliev highlighted the incentives and investment opportunities available for Saudi investors, encouraging them to explore key sectors such as hydropower, agriculture, and tourism. He emphasized that fostering an attractive investment climate for foreign investors, including Saudi partners, and boosting bilateral trade are top priorities of Kyrgyzstan's economic policy.
Leaders
20-05-2025
- Business
- Leaders
Tajik PM Meets Saudi Chambers Chief to Strengthen Economic Ties
Tajikistan's Prime Minister, Kohir Rasulzoda, welcomed Hassan Alhwaizy, Chairman of the Federation of Saudi Chambers of Commerce, along with his delegation of investors and government officials, in Dushanbe today. The discussions centered on expanding cooperation and exploring investment opportunities in key sectors such as hydropower, renewable energy, industry, mining, agriculture, and tourism. The Tajik side outlined various incentives available to Saudi investors to attract investment in these strategic areas. Both parties underscored the pivotal role of the Saudi-Tajik Business Council in deepening economic relations and agreed on the importance of establishing a direct flight route to bolster trade and tourism. Prime Minister Rasulzoda reaffirmed Tajikistan's readiness to open its airspace to any airline interested in launching direct flights between the two countries. Related Topics: Saudi Development Fund Chief Meets with Tajikistan President in Dunshanbe Saudi-Tajik Investment Forum kicks off in Dushanbe Saudi Arabia, Tajikistan to Establish Joint Business Council Saudi Development Fund Chief Meets with Tajikistan President in Dunshanbe Short link : Post Views: 13 Related Stories
Leaders
28-04-2025
- Business
- Leaders
Riyadh Hosts Saudi-Egyptian Industrial Forum to Deepen Strategic Cooperation
The Saudi-Egyptian Industrial Forum officially opened today in Riyadh, held under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum seeks to strengthen strategic industrial cooperation and deepen integration between Saudi Arabia and Egypt. Jointly organized by the Federation of Saudi Chambers of Commerce and the Federation of Egyptian Industries, the event attracted a high-level delegation, including Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, CEO of the Saudi Export Development Authority Abdulrahman Althukair, and over 300 influential industry leaders and investors from both countries. In his remarks, Eng. Bin Salamah highlighted the importance of advancing economic collaboration and industrial integration. He called for expanding partnerships in five key sectors outlined in Saudi Arabia's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries. Saudi-Egyptian Industrial Forum He also pointed to growing strategic ties between the two nations, citing initiatives such as 'Saudi Made,' 'Future Factories,' and 'Made in Egypt,' alongside broader cooperation in goods and services. Additionally, bin Salamah encouraged Egyptian investors to explore opportunities in the Kingdom, referencing Saudi Arabia's ambitious plan to launch 24,000 new factories over the next ten years. Hassan Alhwaizy, Chairman of the Federation of Saudi Chambers of Commerce, described the forum as a pivotal moment in the evolving industrial alliance, stressing the critical role of economic cooperation in shaping a resilient bilateral partnership. Federation of Egyptian Industries Mohamed El-Sewedy, Chairman of the Federation of Egyptian Industries, noted that ongoing global challenges are accelerating the need for deeper industrial integration, positioning both nations to better access the opportunities of the African market. Bandar Al-Ameri, Chairman of the Saudi-Egyptian Business Council, emphasized the significant growth in trade between the two countries. He highlighted the recent signing of a mutual investment protection and promotion agreement as a major strategic step toward solidifying long-term economic ties. Related Topics : Egypt Signs MoU with KSA to Develop Real Estate Projects Saudi Arabia, Egypt Deepen Industrial Cooperation Saudi Arabia is the largest investor in Egypt with total investments of $55 billion in 5,350 projects Egypt Signs MoU with KSA to Develop Real Estate Projects Short link : Post Views: 2
Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Riyadh Hosts Saudi-Egyptian Industrial Forum
The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries. Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors. Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries. He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade. Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector. Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential. Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.
Arab News
12-03-2025
- Business
- Arab News
Egypt approves investment protection deal with Saudi Arabia
JEDDAH: Egypt's parliament has approved a bilateral investment protection agreement with Saudi Arabia, aiming to boost capital inflows, create jobs, and strengthen economic ties between the two nations. The agreement is part of a series of economic deals signed during Saudi Crown Prince Mohammed bin Salman's October visit to the North African country, which also established the Saudi-Egyptian Supreme Coordination Council. Both the crown prince and Egyptian President Abdel Fattah El-Sisi attended the initial signing, according to the country's Parliament News Agency. A report from a joint committee of Egyptian parliamentary bodies described the agreement as a key step toward enhancing economic cooperation, fostering investment opportunities, and promoting sustainable development between the two countries. It also highlighted efforts to facilitate technology transfer, create jobs, and develop human resources through mutual investments. 'The parliamentary report also indicated that economic relations between the two countries have witnessed remarkable development in recent years, supported by a strategic partnership and joint investment projects that contribute to strengthening bilateral cooperation in various sectors, reflecting the depth of the historical relations between the two brotherly countries,' the news agency stated. The agreement is backed by leaders, ministers, ambassadors from both nations, the Federation of Saudi Chambers of Commerce, and the Saudi-Egyptian Business Council, according to an FSC post on X. Economic ties between the two nations have strengthened notably in recent years. The joint committee report indicated that the value of trade exchange between Egypt and Saudi Arabia increased to $6.5 billion during the first 8 months of 2024, compared to $4.9 billion during the same period in 2023, an increase of 32.7 percent, according to the Egyptian Central Agency for Public Mobilization and Statistics. The deal supports Saudi Arabia's Vision 2030 — an economic diversification strategy aimed at reducing reliance on oil revenues by increasing non-oil exports and strengthening regional trade alliances, including with Egypt. In March 2022, Saudi Arabia deposited $5 billion into the Central Bank of Egypt, bringing total deposits from the Kingdom to $10.3 billion. The funds helped stabilize Egypt's foreign exchange reserves after foreign investor withdrawals spiked following the war in Ukraine. Saudi Arabia's Ministry of Investment issued 789 licenses to Egyptian companies in the second quarter of 2024 — a 71 percent rise from the same period in 2023 — making the country the top recipient of the permits from the Kingdom.
