Egypt welcomes Saudi Investments in tourism

CAIRO – 29 May 2024: The head of the Saudi Chambers Union delegation, Ahmed Al-Shgaily, praised the strong relations between Egypt and Saudi Arabia in all fields, emphasizing the deep historical ties and significant economic and investment cooperation between the two countries.

Al-Shgaily, who is also the Chairman of the Yanbu Chamber of Commerce, stated in an interview with the Middle East News Agency in Amman that the Egyptian government is keen on providing all forms of support and removing obstacles to Saudi investment. He highlighted that the cooperation and communication between the two governments are at the highest level.

He added that he recently visited Egypt with Saudi Minister of Commerce Majid Al-Qasabi, where they met with Egyptian government ministers, resulting in excellent outcomes for investment in both countries. He noted that the Egyptian ministers discussed Saudi investment projects and worked to eliminate any barriers, especially in the tourism sector.

Al-Shgaily pointed out that the investment opportunities in Egypt's tourism sector are very attractive for Saudi investors. He explained that new Saudi investors are looking to enter the Egyptian market through tourism, particularly in the North Coast.

He revealed that Saudi investments are the largest in Egypt due to the numerous investment opportunities and the strong relations between the two countries. He mentioned ongoing and continuous meetings between Saudi and Egyptian investors to enhance investment opportunities in both nations.

Currently, there are discussions and negotiations between Saudi and Egyptian investors regarding investment in Egypt’s tourism sector, which boasts outstanding tourist sites. Additionally, Egyptian investors are working to enhance investment opportunities in the Saudi market, particularly in Jeddah, the Red Sea, and the Yanbu Industrial City.

The Saudi Chambers Union consistently encourages Saudi investors to invest in Egypt, given its unique, attractive investment environment capable of ensuring successful investments. Al-Shgaily emphasized the continuous cooperation and coordination between investors in both countries.

Al-Shgaily affirmed that Saudi Arabia is making significant strides in the digital economy and entrepreneurship compared to other countries in the Middle East and North Africa, especially concerning digital infrastructure.

He stated that Saudi Arabia recognized early on that digital transformation is the main driver of economic and social development, offering extensive solutions across various sectors such as agriculture, industry, tourism, and healthcare. He noted that Saudi Arabia has a proactive vision for the digital economy and invests in it both domestically and internationally.

Al-Shgaily mentioned that, under the vision of Crown Prince and Prime Minister Mohammed bin Salman, Saudi Arabia aims to be a hub for all Arab and international investments related to digital transformation across all sectors, with a particular focus on the digital economy. He highlighted that Saudi Arabia is open to all foreign investments in the digital economy and entrepreneurship.

The Crown Prince’s vision includes substantial investments in the digital sector abroad, particularly in countries with significant expertise in this field, such as Egypt and Jordan. Al-Shgaily expressed hope for swift implementation of this vision, which would benefit not only Saudi Arabia but the entire Arab region.

Al-Shgaily pointed out that global trends are moving towards digital transformation and the digital economy. Consequently, Saudi Arabia is committed to engaging in and attending all conferences, seminars, and forums related to digital transformation, ensuring that the Saudi economy stays aligned with global advancements.

The forum, attended by researchers, academics, and professionals in digital business and economy, discussed key areas concerning experience exchange, development of theories, methods, practices, and tools for managing and improving digital business and economy. Al-Shgaily emphasized the essential and strong presence of Saudi participation for cooperation and coordination with Arab and Islamic countries.

Participants in the "Invest in the Digital Economy" forum, organized by the Jordan Chamber of Commerce in collaboration with the Islamic Chamber of Commerce and Development, recommended concerted efforts to establish Amman as the capital of the digital economy, given its promising capabilities and strong experiences in the information technology sector. They stressed the promising prospects offered by various fields of the digital economy for emerging countries in general and Islamic countries in particular.

The participants appreciated the significant achievements in several Islamic countries, both in digital government and digital financial systems developed by central banks, along with important developments in the business sector.

Representing Egypt, Hani Mahmoud, Vice President of the Federation of Chambers of Commerce, Amr Abu Al-Ayoun, Vice President of the Federation and President of the Assiut Chamber of Commerce, and the Egyptian entrepreneur Nermin Al-Nimr, founder of the first freelancing and remote work platform in Egypt, "Al-Harifa," participated in the forum.