Arab News, Mon, Nov 20, 2023 | Jumada Al-Uola 6, 1445
Deals worth $1.5bn likely to be signed at Egyptian-Saudi business forum
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
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.