Latest news with #Saudi-EgyptianBusinessForum
Asharq Al-Awsat
06-05-2025
- Business
- Asharq Al-Awsat
Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum
The Federation of Saudi Chambers and Egypt's General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation. The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday. Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation. He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase. GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies. He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established. The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom's efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals. He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom's efforts to simplify and digitize procedures.
Arab News
13-04-2025
- Business
- Arab News
Saudi, Egypt explore investment opportunities at high-level Cairo forum
JEDDAH: Saudi Arabia is advancing efforts to deepen economic integration with Egypt, as over 100 investors gathered in Cairo for a high-level forum to unlock $30 billion in investment opportunities. Led by Federation of Saudi Chambers Chairman Hassan Moajab Al-Huwaizi, the delegation began its visit on April 12 with the Saudi-Egyptian Business Forum, aimed at expanding collaboration in food security, industry, and real estate, as well as tourism and infrastructure, the Saudi Press Agency reported. The mission follows the recent ratification of a bilateral agreement designed to promote and protect cross-border investments. The event, attended by more than 10 Egyptian ministers, underscores the growing alignment between the two countries. 'The relationship between Egypt and Saudi Arabia is based on integration and strategic partnership,' Egypt's Transport Minister Kamel Al-Wazir said, according to a post by FSC on X. He added that Egypt is prioritizing industrial development and investor access, specifically in energy and logistics. 'We are prepared to address challenges and promoting the reach of Saudi products across Africa,' Al-Wazir said. The investment protection agreement—originally signed during Crown Prince Mohammed bin Salman's visit to Cairo in October and approved by Egypt's parliament in March—is part of the broader work of the Saudi-Egyptian Supreme Coordination Council. It includes provisions on capital security, technology transfer, and human resource development. Saudi Ambassador to Egypt Saleh bin Eid Al-Husseini said the agreement was finalized in record time to instill investor confidence. He also noted Egypt's upgraded credit rating and highlighted increased connectivity, with 186 daily flights and 30,000 passengers traveling between the two countries. The business forum also included bilateral meetings, field visits to key development projects, and discussions with Egyptian institutions to translate opportunity into action. Bandar bin Mohammed Al-Amri, head of the Saudi-Egyptian Business Council, said the forum united commercial and diplomatic leaders from both sides. 'The support of both nations' leaderships, along with the participation of more than 10 Egyptian ministers in the forum, underscores Egypt's commitment to welcoming Saudi investors,' he said. He added: 'With over 7,200 Saudi companies operating in Egypt with investments exceeding $35 billion, and more than 5,000 Egyptian companies active in the Kingdom, the economic relationship is both deep and strategic.' About 700,000 Saudis currently live in Egypt, while more than 2.5 million Egyptians live and work in Saudi Arabia. 'As key players in the Muslim world, the two nations enjoy a strategic partnership. Nothing can affect this relation,' Al-Amri said. Bilateral trade between nations reached $6.5 billion in the first eight months of 2024, up from $4.9 billion during the same period in 2023 — a 32.7 percent jump — according to Egypt's Central Agency for Public Mobilization and Statistics. Egypt is now the Kingdom's seventh-largest trading partner.
