Informed sources told “Al Arabiya Business” that Saudi Arabia and Egypt are close to signing an agreement to protect and encourage mutual investments between the two countries. As of the end of November 2023, Saudi private sector investments in Egypt have exceeded $35 billion across 7,000 companies, while trade between the two nations surpasses 60 billion riyals, with Saudi private sector companies representing the largest grouping in Egypt.
According to sources, the Saudi Investment Minister, Engineer Khaled al-Falih, is expected to meet with Egyptian officials within days. The sources also mentioned that the two sides had a virtual meeting this week. The number of Egyptian companies in Saudi Arabia has increased from 800 to 2,000, with Egyptian investment expected to reach about 40 billion riyals, amid a leadership-driven push to increase investments between the two countries.
The meeting included the Saudi Chamber of Commerce Business Council and several Saudi and Egyptian officials and investors. The sources added that both sides largely agree on the current draft agreement under discussion. Key points of discussion include financial transfers, their volume, and dispute resolution mechanisms, should they arise.
Significant sectors for investment in Egypt include real estate, industrial, tourism, and agriculture, with additional sectors like health and energy also highlighted. Egyptian officials proposed during the meetings the possibility for investors to establish and own 100% of companies in Saudi Arabia, to which the Saudi side responded that general regulations have changed to permit this.
