Units of Saudi Arabia’s Fawaz Abdulaziz Alhokair Company (Alhokair) could invest as much as USD 1.5 bn in Egypt in 2024, Asharq Business reported yesterday. Energy, real estate, and infrastructure are on the priority list, Turki Al Hokair, the company’s CEO, told the news service, though he stopped short of offering further details.

Alhokair is no stranger to Egypt: FAS Finance, which is partly owned by Alhokair, bought a5% stake in the Egyptian fintech player valU last year, while FAS Energy has a USD 75 mn solar park in Benban and announced plans to build a USD 450 mn solar park in Egypt last year. Alhokair also owns Marakez, the real estate and mall developer and operator whose brands include District 5 and Cairo’s largest shopping center, the Mall of Arabia, in addition to facilities in Mansoura and Tanta.

Other agreements are set to be signed today at a Egypt-Saudi business forum: A Saudi business delegation led by the Saudi Trade Minister, Majid bin Abdullah Al Qasabi, is in Egypt today for the Saudi-Egyptian Business Council.

Other participating companies could make announcements today. Watch out for sectors including energy, real estate, agriculture, and tourism, Alhokair said on Saturday.

The investment comes despite concerns about the repatriation of earnings:Central Bank of Egypt Governor Hassan Abdalla has reportedly promised a remedy for investors having problems repatriating dividends amid the ongoing FX crunch, Bandar Al Amiri, chairman of the Saudi-Egyptian Business Council, told CNBC Arabia.

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