CAIRO – 23 November 2023: Saudi Arabia is actively working towards strengthening trade relations with Egypt with to reach $100 billion, Fayez Alharbi, the Second Vice Chairman of the Federation of Saudi Chambers, announced, according to local media.
He also mentioned that Saudi investors are exploring opportunities to invest In Egypt's renewable energy sector in the near future.
Both the Egyptian and Saudi leaderships have issued unprecedented directives to promote mutual investments, as emphasized by Alharbi.
The Egyptian government has successfully resolved over 70 percent of the challenges faced by Saudi investors in Egypt, with ongoing efforts to address the remaining issues, Saudi Commerce Minister Majid Al-Qasabi announced this during a meeting with Prime Minister Mostafa Madbouly.
Furthermore, trade chambers in both countries have agreed to develop a work plan for 2024 that focuses on creating a strategic vision to facilitate their Industries' access to African markets.
Alharbi also revealed that 802 Egyptian companies are currently investing in Saudi Arabia, and there are plans for further expansion in the kingdom.
Additionally, Saudi FAS Hotels & Real Estate Development Company, affiliated with the Saudi Al Hokair Group, intends to invest $1.5 billion in Egypt during 2024.
Similarly, the Saudi Al Lami Holding Group announced its intention to invest $500 million in Egypt's tourism and real estate sectors over the next two years, according to Mohamed Talaat Al Lami, the Group Head.
According to the Saudi General Authority for Statistics, Egypt ranked as Saudi Arabia's top trade partner in Africa in 2022, with a trade value of $20.4 billion.
In September 2023, the Ministry of Planning and Economic Development reported that the trade exchange volume between Egypt and Saudi Arabia reached $32 billion In FY2022-2023.
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