Egypt and Saudi Arabia are set to ink agreements amounting to USD 1.5 billion (EGP 47 billion) at the imminent Egyptian-Saudi Business Forum in Cairo on 20 November, according to Turki Al-Hokair, a member of the Egyptian-Saudi Business Council. Recognizing Egypt’s commitment to addressing challenges faced by Saudi investors, Al-Hokair praised the nation’s economic accomplishments amidst global adversities. This venture aligns with Egypt’s strategy of attracting foreign investments, particularly from Gulf nations, to bolster its depleting US dollar reserves. In light of this, Egypt’s Minister of Trade and Industry, Ahmed Samir, convened an extensive session of talks with Saudi Minister of Commerce, Majed Bin Abdullah Al Qasabi on 19 November. The meeting, attended by a significant number of Saudi investors, aimed at enhancing economic collaboration between the two nations across diverse sectors such as commerce, industry, and investment. During the session, Samir highlighted that Saudi investments in Egypt stand at USD 6.3 billion (EGP 194 billion) across 7,444 projects spanning industry, construction, tourism, services, agriculture, finance, communications, and information technology. Emphasizing the robust economic ties, Samir disclosed that the bilateral trade volume between the two countries reached approximately USD 5.66…
Egypt and Saudi Arabia to Forge $1.5 Billion Economic Alliance at Business Forum
November 20, 2023
By Belal Nawar
Senior Journalist
