Saudi Arabian-Egyptian private sector deals will inject $15B into Egyptian economy: Saudi-Egyptian Business Council

Cairo – October 16, 2024: Saudi Arabian-Egyptian private sector deals are expected to pump around $15 billion into Egypt’s economy via investment agreements, according to Bandar al-Ameri, head of the Saudi-Egyptian Business Council, during an interview with Al-Arabiya TV on Wednesday.

Al-Ameri’s comments follow yesterday’s meeting between President Abdel Fattah El-Sisi and Saudi Crown Prince Mohammed bin Salman, during which they signed off on the creation of the Supreme Egyptian-Saudi Coordination Council along with an agreement to encourage and protect mutual investments between the two countries.

The signing took place on Tuesday and underscores both countries' commitment to enhancing trade and investment cooperation, especially as Egypt seeks to address its ongoing economic challenges.

Al-Ameri highlighted that the investment deals will focus on various sectors, including renewable energy, industry, real estate development, tourism, and technology.

He noted that these agreements were contingent on the establishment of the investment protection accord signed between the two countries.