Informed sources revealed to "Al Arabiya" that Saudi Arabia and Egypt are nearing the signing of an agreement to protect and encourage mutual investments between the two countries. By the end of November 2023, the value of private Saudi investments in Egypt has exceeded 35 billion dollars through 7,000 companies, while trade exchange between the two countries exceeds 60 billion riyals, with Saudi private sector companies representing the largest group in Egypt.
According to the sources, Saudi Investment Minister Khalid Al-Falih is scheduled to meet with Egyptian officials in the coming days. The sources also noted that the two sides held a virtual meeting this week. The number of Egyptian companies in Saudi Arabia has increased from 800 to 2,000 companies currently, and it is expected that Egyptian investment will reach around 40 billion riyals, supported by leadership initiatives to increase investments between the two countries.
The meeting included the Business Council of the Saudi Chamber of Commerce, Saudi officials, and investors, along with several Egyptian officials. Sources indicated that the two sides largely agree on the terms of the current draft agreement being discussed. Among the points that require discussion are financial transfers, their size and volume, in addition to the issue of dispute resolution, if any arise.
Prominent sectors for investment in Egypt include real estate, industry, tourism, agriculture, and additional sectors such as health and energy. Egyptian officials during the meetings proposed the possibility for investors to establish projects and set up companies in Saudi Arabia with 100 percent ownership, to which the Saudi side responded that the general regulations have changed to accommodate this.
