{"id":547445,"date":"2022-06-22T04:26:57","date_gmt":"2022-06-22T04:26:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/usd-8-bn-from-ksa-and-much-morepossibly-usd-30-bn-more\/"},"modified":"2022-06-22T04:26:57","modified_gmt":"2022-06-22T04:26:57","slug":"usd-8-bn-from-ksa-and-much-morepossibly-usd-30-bn-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/usd-8-bn-from-ksa-and-much-morepossibly-usd-30-bn-more\/","title":{"rendered":"USD 8 bn from KSA and much more\u2026Possibly USD 30 bn more."},"content":{"rendered":"

<\/a> Egypt signed 14 investment agreements with Saudi Arabia w<\/strong>orth USD 7.7 <\/strong>bn <\/strong>during Crown Prince Mohamed bin Salman\u2019s visit to Cairo yesterday, the Madbouly cabinet said in a statement<\/a> yesterday. The agreements cover key sectors including energy, tech, food, and pharma and were signed during a meeting of Egyptian and Saudi companies and key officials.<\/p>\n

And there\u2019s plenty more where that came from:<\/strong> Saudi Arabia intends to \u201clead\u201d USD 30 bn in investments in Egypt, the two countries wrote in a joint final communique<\/a> marking the end of bin Salman\u2019s visit, without giving any further details.<\/p>\n

REMEMBER- Saudi Arabia recently pledged USD 15 bn to support Egypt: <\/strong>In March, Saudi deposited USD 5 bn<\/a> with the Central Bank of Egypt (CBE), to help shore up our finances amid global fallout from Russia\u2019s war in Ukraine. In parallel, the Saudi sovereign wealth fund said it was looking to invest USD 10 bn in Egypt\u2019s healthcare, education, agriculture and financial services sectors.<\/p>\n

Here\u2019s the breakdown on where that USD 7.7 bn of KSA money is headed: <\/strong><\/p>\n

ENERGY- Ajlan & Bros to build oil storage complex:<\/strong> Saudi conglomerate Ajlan & Bros inked a USD 3.3 bn agreement<\/strong> to build a facility for storing petroleum products with the Egyptian Arab Supply Chain Group Company, according to Arab News<\/a>. The storage complex made up more than 40% of the value agreements signed with KSA yesterday. The company signed six agreements worth a total of almost USD 5 bn<\/strong> yesterday, Chairman Ajlan Al Ajlan told CNBC Arabia.<\/a><\/p>\n

One of the largest onshore wind farms in the world: <\/strong>Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop a 1.1 GW wind farm in the Gulf of Suez, it announced in a statement<\/a> and in a Tadawul<\/a> filing. The USD 1.5 bn project <\/strong>will be one of the largest onshore wind farms in the world, and the largest in the Middle East, the company said.<\/p>\n

The details:<\/strong> The project will be built under a build-own-operate framework, and ACWA will also be responsible for obtaining financing, it said. Hassan Allam will work alongside the company to prepare the site and secure financing.<\/p>\n

The project is expected to reach financial close by 4Q 2024<\/strong> and begin commercial operations by the end of 2026.<\/p>\n

KSA industrial conglomerate <\/strong>Alfanar<\/a><\/strong> is also getting involved in Egypt\u2019s wind + green hydro sectors:<\/strong> Alfanar signed an agreement with the Arab Organization for Industrialization (AOI) for the production of wind energy and green hydrogen, the cabinet said.<\/p>\n

TECH + FINTECH- <\/strong>Benya and Al Fanar to set up tech-focused JV:<\/strong> Al Fanar signed an agreement with IT infrastructure contractor Benya Group to set up a USD 200 mn joint venture<\/strong> in Saudi Arabia that will focus on data centers, smart cities, and cybersecurity, Benya Chairman Ahmed Mekky told Bloomberg Asharq<\/a>. The companies plan to increase investments in the next five years to reach USD 1 bn, he added. The final agreement will take place in 3Q, and the company will begin operating before the end of the year. Benya had previously told<\/a> Enterprise it plans to set up a Saudi investment arm by the end of 2022.<\/p>\n

Fawry for remittances?<\/strong> Saudi business development company T2 signed an investment agreement with Fawry to develop fintech solutions for trade and money transfers between the two countries, the cabinet statement read.<\/p>\n

Also in fintech:<\/strong> Saudi VC Khwarizmi Ventures and local startup Khazna signed an investment agreement that could see Khazna expand to provide mobile financial services for employees in the kingdom, cabinet said.<\/p>\n

PHARMA- <\/strong>Pharco to set up pharma complex in Saudi:<\/strong> Egyptian pharma player Pharco will establish a USD <\/strong>150 mn <\/strong>pharma manufacturing complex in Medina, Chairman Sherine Helmy told Bloomberg Asharq<\/a>. The company will start working immediately to set up the city, and has plans to produce medicines and vaccines. Production is expected to begin within two years, he said.<\/p>\n

FOOD- <\/strong>Saudi\u2019s Albaik might be coming here: <\/strong>The fried chicken chain\u2019s products could be manufactured locally by the Egyptian subsidiary of Saudi\u2019s Halwani Bros and sold to local franchisees, the company said in a filing<\/a> to the Saudi stock exchange. Halwani Bros signed a non-binding agreement with Albaik sister firm Aquat Food Industries on the possible partnership. Aquat is conducting a technical and logistical evaluation of Halwani Bros\u2019 factories in Egypt, with investments for the plan estimated at EGP 1 bn (USD 53 mn).<\/strong><\/p>\n

More food investment coming our way: <\/strong>Hadhim Dates plans to invest here and work with private-sector companies to cultivate palm trees in Al Wadi Al Gadeed governorate, head of the company Abdulaziz Al Tuwaijri told Al Borsa.<\/a><\/p>\n

And that\u2019s not all, folks: <\/strong>The Saudi investment ministry tweeted a handy infographic<\/a>of every company involved in the investments announced yesterday, and we expect more details to trickle through in the coming days.<\/p>\n

The story is getting coverage in international business press, <\/strong>including: Reuters<\/a> | Bloomberg<\/a> | The National<\/a> | AP<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt signed 14 investment agreements with Saudi Arabia worth USD 7.7 bn during Crown Prince Mohamed bin Salman\u2019s visit to Cairo yesterday, the Madbouly cabinet said in a statement yesterday. The agreements cover key sectors including energy, tech, food, and pharma and were signed during a meeting of Egyptian and Saudi companies and key officials. […]<\/p>\n","protected":false},"author":1,"featured_media":547446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[1042,72,125,1317,91,151,2077],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-acwa-power","tag-enterpriseam","tag-investment-watch","tag-mohammed-bin-salman","tag-oil-and-gas","tag-renewables","tag-saudi-arabia-egypt","wpautop","entry"],"acf":{"mongo_id":"031ecccd-f816-4657-ae61-58d9c32a706d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/268.jpg","photo_position":"above","related_issue":[547441],"teaser":"","voice_url":""},"yoast_head":"\nUSD 8 bn from KSA and much more\u2026Possibly USD 30 bn more. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/usd-8-bn-from-ksa-and-much-morepossibly-usd-30-bn-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD 8 bn from KSA and much more\u2026Possibly USD 30 bn more.\" \/>\n<meta property=\"og:description\" content=\"Egypt signed 14 investment agreements with Saudi Arabia worth USD 7.7 bn during Crown Prince Mohamed bin Salman\u2019s visit to Cairo yesterday, the Madbouly cabinet said in a statement yesterday. 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Kelma Akhira (watch, runtime: 14:48), Masa\u2019a DMC (watch, runtime: 7:43),\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588557,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/13\/riyadh-beijing-cement-ties-with-usd-10-bn-in-mutual-investment\/","url_meta":{"origin":547445,"position":1},"title":"Riyadh, Beijing cement ties with USD 10 bn in mutual investment","author":"enterpriseam admin","date":"13 June 2023","format":false,"excerpt":"The 30+ agreements span renewables, tech, agriculture, and more","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/649.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547422,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/last-nights-talk-shows-rolling-out-the-red-carpet-for-mbs\/","url_meta":{"origin":547445,"position":2},"title":"Last Night\u2019s Talk Shows: Rolling out the red carpet for MbS","author":"enterpriseam admin","date":"21 June 2022","format":false,"excerpt":"Leading the airwaves yesterday: Everyone\u2019s getting excited about Saudi Crown Prince Mohammed bin Salman\u2019s visit, with coverage from El Hekaya (watch, runtime: 8:26), Masa\u2019a DMC (watch, runtime: 2:09), and Kelma Akhira (watch, runtime: 1:32) after MbS touched down yesterday evening.Does MbS\u2019 visit herald more Saudi money coming our way? It\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577993,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/saudi-china-ties-grow-with-xi-visit\/","url_meta":{"origin":547445,"position":3},"title":"Saudi-China ties grow with Xi visit","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"Big investments at the China-Arab summit: Some USD 50 bn in investment agreements were signed during Xi Jinping\u2019s visit to Saudi Arabia last week, Saudi Investment Minister Khalid Al Falih told Bloomberg, remaining tightlipped on the details. He said that the agreements included both the private and public sectors, yet\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547502,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/saudi-arabia-and-turkey-are-mending-their-friendship-cairo-hosted-libya-talks-end-without-a-pact\/","url_meta":{"origin":547445,"position":4},"title":"Saudi Arabia and Turkey are mending their friendship + Cairo-hosted Libya talks end without a pact","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"A Saudi-Turkish rapprochement: Crown Prince Mohammed bin Salman landed in Turkey yesterday for his first visit in years, where he and Turkish President Tayyip Erdogan hailed a \u201cnew era of cooperation\u201d between the two countries. The visit marks the latest step in a thawing of tensions between the KSA and\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547488,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/alhokair-subsidiary-to-build-usd-450-mn-solar-plant-in-egypt\/","url_meta":{"origin":547445,"position":5},"title":"Alhokair subsidiary to build USD 450 mn solar plant in Egypt","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"Alhokair Group subsidiary FAS Energy is planning to invest some USD 450 mn (SAR 1.7 bn) to construct a 500 MW solar plant in Egypt in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC), FAS Energy CEO Sabri Asfour told Enterprise. The firm is in final\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547445"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547445\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547446"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547445"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547445"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}