Saudi Arabia injects $15b in Egypt’s economy
It will focus on sectors such as energy, industry, real estate development, and tourism
Dubai: Saudi Arabia companies based in Riyadh plan to invest up to $15 billion (Dh55 billion) in Egypt over the next three years, as reported by Saudi news outlet Asharq Business.
Saudi Arabia and Egypt have signed an agreement aimed at protecting and promoting investments between the two nations, paving the way for Saudi companies to invest in the country.
Bandar Al Ameri, head of the Saudi-Egyptian business council, announced the agreement, noting that an official announcement regarding these investments is expected in the coming weeks.
The investments will focus on critical sectors such as energy, industry, real estate development, and tourism.
As a result, total investments from the Saudi private sector in Egypt, the largest Arab market by consumer base, are set to increase to $50 billion (Dh183 billion).
Currently, over 7,000 Saudi companies operating in Egypt have already invested more than $35 billion (Dh128 billion).