Arab News: New incentives to boost trade, investment, and cooperation were discussed at the Saudi-Egyptian Business Forum in Cairo.
Organized by the Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones on May 5, the business forum focused on sectors including industry, real estate development, tourism, and special economic zones, the Saudi Press Agency reported.
The renewed push comes after Egypt’s parliament ratified a bilateral investment protection agreement with the Kingdom in March, aimed at enhancing capital inflows, creating jobs, and strengthening economic cooperation.
It also marks a continuation of Saudi financial support for Egypt, including a $5 billion deposit in 2022 that brought total deposits from the Kingdom in the north African country’s central bank to $10.3 billion.
“Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation,” the SPA report stated.
“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 SR60 billion ($15.9 billion) in 2024, marking a 29 percent increase,” it added.
Egypt is working to strengthen its investment climate with policy and infrastructure reforms, said Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones. He noted that a dedicated unit has been created to manage Saudi investment affairs and facilitate project delivery.
At the forum, officials from the Kingdom highlighted plans to boost investment via special economic zones focused on sectors such as cloud computing, logistics, and automotive manufacturing, as well as shipbuilding, food, mining, and pharmaceuticals.
Saudi Arabia is also pushing its National Initiative for Global Supply Chains to strengthen regional and global connectivity in key sectors.
The event builds on momentum from April’s Saudi-Egyptian Industrial Forum in Riyadh, where officials emphasized industrial integration and trade facilitation.
At the time, the Kingdom’s Industry Minister Bandar Alkhorayef said the Saudi Export-Import Bank had completed SR1.3 billion in operations with Egypt, underlining the depth of bilateral ties.
https://www.arabnews.com/node/2599723/business-economy
