Egypt, Saudi Arabia sign 14 investment agreements worth $7.7B

CAIRO – 21 June 2022: The General Authority for Free Zones and Investment (GAFI) hosted Tuesday the signing of 14 agreements worth $7.7 billion between the Egyptian and Saudi sides in the sectors of infrastructure, logistics, port management, food industries, pharmaceuticals, traditional energy, renewable energy, e-payment, digital financial and information solutions.

The signing took place in tandem with the visit of Saudi Crown Prince Mohamed Bin Salman, and the agreements were inked between Saudi private investors on one hand, and members of the Egyptian public and private sectors on the other hand. 

 

Almost half of the agreements were signed by one single Saudi entity, which is Ajlan and Bros Company. Those are in the sectors of petroleum products, infrastructure, renewable energy, logistics, food industries, food security, pharmaceuticals, automotives, and entertainment.

Those were signed on the Egyptian side by Sami Saad Holding, Triangle Group, Magrabi Agriculture, Pharco Pharmaceuticals Inc., Hassan Allam Holding, Al Arab Group, and Arise. The deal with Arise is relevant to developing, funding, and operating a multipurpose station at Damietta Port.

The Egyptian Electricity Holding Company and ACWA Power inked a deal to produce wind energy with a capacity of 1,100 megawatts. Another agreement to generate wind power and green hydrogen was signed by Alfanar and the Arab Organization for Industrialization (AOI). The two parties also signed another agreement in the field of informational technology (IT) and digital solutions.

In the field of banking technology and electronic payments, T2 and Fawry signed an agreement to develop electronic financial solutions that would serve trade exchange and monetary transactions between both countries.

In the same sectors, Algorithmic Venture Capital and Khazna inked a deal for the latter to expand in Saudi Arabia and offer mobile financial services to the human resources in the Gulf sate.

 

With regard to food industries, an MoU was signed between Aquat Foods and Halwani Bros for the latter to become a franchisee of the former.  As for pharmaceuticals, Jamjoom Pharma will establish a factory in Egypt.

Regarding entertainment, the executive program for media cooperation was signed by the Saudi minister of information and the Egyptian chairman of the Supreme Council of Media Regulation. Such cooperation will include the fields of journalism, radio, television, drama production, and digital media.

 

The event was attended by Minister of Planning and Economic Development Hala al-Said, Minister of Electricity and Renewable Energy Mohamed Shaker, and GAFI Chairman Mohamed Abdel Wahab.

From the Saudi side, the signing was attended by the ministers of trade and investment, chairman of the Council of Saudi Chambers, chairman of the Egyptian-Saudi Business Council, and representatives of 60 Saudi corporations and firms.

GAFI chairman said at the ceremony that the authority would eliminate all the challenges that may face Saudi investments, issue "golden licenses" for the companies founded to implement strategic/national projects, facilitate procurement of lands, and provide Saudi investors with all the necessary information on the available investment opportunities. He underscored that the opportunities on Egypt's investment map exceed 2,700 in different economic sectors.