Private Saudi firms to invest $15B in Egypt over 3 years
Updated 10/17/2024 9:23:00 AM
Arab Finance: Private Saudi firms are set to invest up to $15 billion in Egypt over three years, Chairman of the Egyptian-Saudi Joint Business Council Bandar Al Ameri told Asharq Business.
These anticipated investments were prompted by the signing of the formation of the Egyptian-Saudi Supreme Coordination Council and an agreement to encourage and protect mutual investments between Egypt and Saudi Arabia.
Al Ameri noted that these investments would be announced within the coming weeks in the sectors of energy, industry, real estate development, and tourism.
This could bring total Saudi private investments in Egypt to $50 billion, Al Ameri said, adding that over 7,000 Saudi firms are operating in Egypt with investments surpassing $35 billion.
During his meeting with the Egyptian Prime Minister Mostafa Madbouly in Riyadh last September, the Saudi Crown Prince Mohammed bin Salman directed the Saudi Public Investment Fund (PIF) to pump $5 billion into Egypt as a first phase of investment.
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