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Saudi Arabia eyes expanding its Egypt investments: Saudi Arabia is looking to turn its deposits with the Central Bank of Egypt into investments, Saudi investment Minister Khalid Al Falih told Prime Minister Moustafa Madbouly during an investment-centered meeting that brought together officials from the two sides, according to a cabinet statement. “We see Egypt as a supporting companion to the kingdom, as well as a promising market and important export platform for the countries of the region,” Al Falih said
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How much could we be talking here? Saudi Arabia is the second largest contributing nation to our long-term deposits, making up USD 5.3 bn of the USD 14.9 bn long-term deposits currently sitting at the central bank at the end of 2023, according to data from the Central Bank of Egypt. In terms of overall debt, Saudi Arabia has provided us with USD 12.9 bn, accounting for 7.7% of our entire debt.
Legislation and initiatives to boost bilateral investment between the countries are already in the works: The government is planning to ink an agreement with the kingdom this month that would help cut red tape and provide investment guarantees, Investment and Foreign Trade Minister Hassan El Khatib told Asharq Business. The General Authority for Investments and Freezones has also set up an office to cater to the needs of Saudi investors looking to invest in Egypt, according to an Investment Ministry statement.
More to come: The agreement will open the door for Saudi Arabia to double its investments in Egypt.
Sectors to keep an eye on: Key sectors that boast investment potential include industry, tourism, ICT, logistics, and green energy, El Khatib said during his meeting with Al Falih.
Investment is a two-way street: There are now 4k Egyptian companies operating in the kingdom, representing SAR 50 bn (c. USD 13.3 bn) in investments, Egyptian-Saudi Joint Business Council Chairman Bandar Al Ameri said.
