Egypt and Saudi Arabia sign 14 investment partnership deals worth $7.7 billion
The General Authority for Investment and Free Zones (GAFI) hosted the signing ceremony of 14 investment partnership agreements worth $7.7 billion between Egypt and Saudi Arabia in infrastructure, logistics, port management, food, pharmaceutical, traditional and renewable energy, electronic payment system, financial technology and information solutions sectors.
Agreements and memorandums of understanding were signed between Saudi investment groups and Egyptian government and private agencies, in the presence of Saudi Arabia’s trade and investment ministers, the president of the Federation of Saudi Chambers and the Chairman of the Egyptian-Saudi Business Council, in addition to representatives of more than 60 Saudi institutions and companies.
FATF CEO Mohamed Abdel Wahab said the new agreements represent a qualitative upgrade in the investment relations between the two countries, not only in terms of financial value, but in terms of adding value to the economies of both countries, to support the infrastructure, logistics and technology sectors.
He stressed that the agreements reflect the strength of the historical and economic relations that bind the two brotherly countries. He also pointed out that the “State Property Document” announced by Prime Minister Mostafa Madbouly underlines the state’s will to create equal opportunities, strengthen competition mechanisms and empower the private sector.
Abdel Wahab explained that FATF will do its part to support Saudi investment projects and remove all challenges to their implementation, as the golden license will be granted to companies that establish strategic or national projects.
In addition to providing various facilities regarding the procedures for obtaining land for investors, Saudi investors will receive necessary information on new investment opportunities available on Egypt’s investment map, which includes more than 2,700 investment opportunities in various economic sectors.
Majed Al-Qasabi, Saudi Minister of Trade and Industry, said Egypt is living in an unprecedented era in terms of the investment environment, with the trade volume between the two countries reaching 14.5 billion. of dollars.
On the sidelines of the signing ceremony, he added that the number of Egyptian companies present in Saudi Arabia is around 750 companies with a capital of 1.2 billion dollars, while the number of Saudi companies in Egypt is of approximately 6,285, with a total investment of $30 billion. .
Khaled Al-Falih, Saudi Minister of Investment, said Egypt’s electricity sector is an important hub for the Kingdom of Saudi Arabia due to its abundance, which encourages investment and boosts growth. growth of the Egyptian economy.
He noted that Saudi investors are keen to invest in the energy and oil sector, as part of promoting economic integration between the two countries and under the leadership of Mohammed bin Salman, the Saudi Crown Prince.
He mentioned that the Kingdom of Saudi Arabia is an important and influential investment power in the Arab world, and therefore considers it necessary to support the Egyptian economy.
He pointed out that the total Saudi investment in Egypt amounts to SAR 110 billion spread across a large number of industrial, real estate and infrastructure sectors.
He called on Egyptian real estate companies to contribute to the projects implemented by the Kingdom of Saudi Arabia during the current period, promising to provide incentives to willing companies.
Ajlan Al-Ajlan, chairman of the Federation of Saudi Chambers, said the agreements come within the framework of consolidating economic relations between Egypt and Saudi Arabia, as well as strengthening cooperation between landlords. of Saudi and Egyptian companies.
He pointed out that the volume of Egyptian-Saudi joint investments amounted to 35 billion U.S. dollars, pointing out that the trade volume between the two countries had increased by more than 87 percent in 2021.
Al-Ajlan added that the relations are capable of growth and expansion, especially since both countries enjoy many competitive advantages which should be taken advantage of.
He pointed out that the Saudi-Egyptian Business Council has helped to strengthen relations and develop inter-economic relations, benefiting from the support between the two countries.
He added that there must be support between the two parties to identify investment opportunities, launch initiatives and create strategic partnerships between the two countries to develop their regional role in the region.
ACWA Power has signed an agreement with the Egyptian Electricity Holding Company to produce wind power with a capacity of 1,100 MW.
Alfanar, based in Saudi Arabia, has signed two agreements, the first with the Arab Organization for Industrialization to produce wind energy and green hydrogen, and the second with Benya Group in the field of energy technologies. information and digital solutions.
Ajlan & Bros Holding Group has signed several investment agreements with the Egyptian side, in the areas of petroleum products, infrastructure, renewable energy, logistics, food industries, food safety, pharmaceutical industry, the automotive industry and the entertainment industry. Hassan Allam, the Arab Group for Supply Chains, and Arise for Ports and Logistics, to develop, finance and operate a multipurpose terminal within the port of Damietta.
© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).