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Saudi Arabia, Egypt sign $7.7B investment agreements

Saudi Arabia, Egypt sign $7.7B investment agreements

Arab Finance: Egypt and Saudi Arabia have signed 14 investment agreements worth $7.7 billion, according to an official statement on June 21st.

As per the signed agreements, the investments will be injected into various fields including infrastructure, logistics, ports management, food industries, renewable energy and green hydrogen projects, pharmaceuticals, and e-commerce.

The signed agreements included a deal between ACWA Power and Egyptian Electricity Holding Co (EEHC) to generate clean energy from wind turbines with a capacity of 1,100 megawatts.

Moreover, alfanar company has signed an agreement with the Arab Organization for Industrialization for the production of energy from wind and green hydrogen, and an agreement with BENYA Group in the field of technology and digital solutions.

Ajlan & Brothers has signed a number of deals with Sami Saad Group, Triangle Group, Magrabi Agriculture, Pharco Pharmaceuticals, Hassan Allam, and two companies. The agreements are in the fields of petroleum products, infrastructure, logistics, food security, pharmaceuticals, automotive industry, and entertainment industry.

Saudi T2 has signed an investment agreement with Fawry to serve trade exchange and money transfers between Egypt and Saudi Arabia.

Additionally, Khwarizmi Ventures has signed an investment agreement with Khazna for expansion in Saudi Arabia.

Regarding food industries, Aquat Foods has signed a memorandum of understanding (MoU) with Halwani Egypt, upon which the Egyptian company will have the rights for the production of Aquat’s and Albaik’s products in Egypt.

As for the medical sector, Jamjoom Pharma has announced the establishment of Jamjoom Pharma in Egypt.

The agreements have been signed at the headquarters of the General Authority for Investment and Free Zones (GAFI) with the presence of Egyptian Minister of Electricity Mohamed Shaker, Minister of Planning and Economic Development Hala El-Said, and the CEO of GAFI Mohamed Abdel Wahab.

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