In a move to strengthen economic ties between Egypt and Saudi Arabia, Egypt’s General Authority for Investment and Free Zones (GAFI) is preparing to open a new Saudi investment office in Cairo, according to GAFI’s CEO, Hossam Heiba. GAFI is planning to open similar offices for other countries with major investments in Egypt, Heiba noted. The office will focus on supporting Saudi investors by showcasing investment opportunities in Egypt, fielding inquiries, and tackling any challenges they encounter. Additionally, GAFI intends to conduct a comprehensive survey of Saudi investments in Egypt in the near future in response to a lack of current data, as many investments are funneled into the country through global firms. Heiba stated that Egypt and Saudi Arabia have reached an agreement to increase new investments in the country, highlighting the priority given to the Kingdom’s investments. Additionally, Saudi Minister of Investment Khalid Al-Falih revealed the kingdom’s intention to transform its USD 10 billion (EGP 493.8 billion) deposits held at the Central Bank of Egypt (CBE) into investments within Egypt. The CBE confirms that $5.3 billion of these deposits are set to be reimbursed by the end of…
Egypt Launches New Saudi Investment Office to Boost Economic Ties
August 13, 2024
By Nadine Tag
Journalist
