Cairo – November 19, 2023: A potential $1.5 billion worth of deals could be signed during this week’s Egyptian-Saudi Business Forum, explained Turki Al-Hokair, a member of the Egyptian-Saudi Business Council, on Saturday.
Led by Saudi Arabia’s Trade Minister Majid bin Abdullah Al Qasabi, a Saudi delegation will arrive tomorrow to attend the forum and facilitate investments and trade opportunities between the two countries.
The agreements will cover investments in sectors such as energy, real estate, agriculture, and tourism, Al-Hokair added.
He praised the Egyptian government's measures and efforts to reduce the obstacles and issues faced by Saudi companies and investors, noting the country’s success despite global economic challenges.
The forum will be held as the country accelerates efforts to achieve its goal of attracting additional foreign investments to bolster its foreign currency reserves and close a financing gap. Egypt is seeking to increase its foreign inflows to reduce a financing gap of around $17 billion by 2026, with a target of $6-8 billion by the end of FY2023/2024.
The GCC has played a significant role in supporting Egypt as it handles a foreign currency shortage, with the Central Bank of Egypt reporting that Gulf deposits have reached $29.9 billion.
Trade between Saudi Arabia and Egypt climbed by 13.5% in 2022 to hit $10.3 billion, with Saudi Arabia as Egypt’s 4th largest trading partner during the previous fiscal year in terms of trade volume.
Local media recently reported that the CBE will be receiving new funds from the UAE and Saudi Arabia, with a potential $5 billion to be injected into the local market.
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