{"id":636602,"date":"2024-08-04T00:00:00","date_gmt":"2024-08-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/saudi-arabia-to-use-cbe-deposits-to-fuel-egypt-investments\/"},"modified":"2024-08-04T00:00:00","modified_gmt":"2024-08-04T00:00:00","slug":"saudi-arabia-to-use-cbe-deposits-to-fuel-egypt-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/saudi-arabia-to-use-cbe-deposits-to-fuel-egypt-investments\/","title":{"rendered":"Saudi Arabia to use CBE deposits to fuel Egypt investments"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi Arabia eyes expanding its Egypt investments:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0UzbFkErrKgD9uBA1pn3pV5NP9jMDJa4JW1zi9dyM16DdAUJfURCTjLH3rtSfaUppl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. \u201cWe 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,\u201d Al Falih said<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How much could we be talking here?<\/strong> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Legislation and initiatives to boost bilateral investment between the countries are already in <\/strong><strong>the works:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/economics\/50231\/%D9%85%D8%B5%D8%B1-%D8%AA%D9%88%D9%82%D8%B9-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D8%A7-%D9%85%D8%B9-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%84%D8%AD%D9%85%D8%A7%D9%8A%D8%A9-%D9%88%D8%AA%D8%B4%D8%AC%D9%8A%D8%B9-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\/?utm_source=facebook&utm_medium=social&utm_campaign=%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D9%82---%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. 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 <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02A6EMAuTQfiFrwgZcrvA8EQogzexqAzTWuGpWi46MUG92BtqDJPxaPSvCnmKPQfFZl\" style=\"\" rel=\"noopener\">Investment Ministry statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>The agreement will open the door for Saudi Arabia to double its investments in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sectors to keep an eye on:<\/strong> Key sectors that boast investment potential include industry, tourism, ICT, logistics, and green energy, El Khatib said during his meeting with Al Falih.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investment is a two-way street:<\/strong> 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. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia sees Egypt \u201cas a promising market and important export platform for the countries of the region\u201d<\/p>\n","protected":false},"author":1,"featured_media":636603,"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":[271,8725,72,103,125,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-636602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-central-bank-of-egypt","tag-egypt-saudi-arabia-relations","tag-enterpriseam","tag-fdi","tag-investment-watch","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"cd9d20a4-66f5-4c38-8d87-5d14990d600c","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/164.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Arabia to use CBE deposits to fuel Egypt investments","related_issue":[636597],"teaser":"Saudi Arabia sees Egypt \u201cas a promising market and important export platform for the countries of the region\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.745eb5da-8dfc-4bca-b783-9402f2c99b56.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The two sides also agreed to finish the procedures\u2026","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647710,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/saudi-arabia-set-to-trade-electricity-with-africa-through-egypt-by-2020\/","url_meta":{"origin":636602,"position":1},"title":"Saudi Arabia set to trade electricity with Africa through Egypt by 2020","author":"enterpriseam admin","date":"17 May 2017","format":false,"excerpt":"Saudi Arabia is planning to sell electricity with Africa by 2020 via Egypt, Gulf Business reports. In addition to linking up with Egypt, Saudi Arabia is also looking to connect its power grid to Europe through Turkey, Energy, Industry, and Natural Resources Minister Khalid Al Falih said.","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"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":636602,"position":2},"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 &quot;AROUND THE WORLD&quot;","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":643877,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/mohammed-bin-salman-tells-pif-to-pump-usd-5-bn-in-investments-into-egypt-in-first-phase\/","url_meta":{"origin":636602,"position":3},"title":"Mohammed bin Salman tells PIF to pump USD 5 bn in investments into Egypt in \u201cfirst phase\u201d","author":"enterpriseam admin","date":"17 September 2024","format":false,"excerpt":"Details on the kinds of investments to be targeted remained sparse","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1243.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544946,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/sports-startup-eksab-closes-a-second-usd-3-mn-seed-round-rabbit-gets-license-in-ksa\/","url_meta":{"origin":636602,"position":4},"title":"Sports startup Eksab closes a second USD 3 mn seed round + Rabbit gets license in KSA","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"Cairo-based fantasy football startup Eksab has closed a USD 3 mn seed round led by Africa-focused VC firm 4DX Ventures, with participation from Darwazah Capital, Golden Palm Investments, P1 Ventures, and other angel investors, the company announced in a press release (pdf).About the company: Eksab is Egypt\u2019s only licensed fantasy\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/686.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548377,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/saudi-wealth-fund-sets-up-company-to-invest-in-egypt\/","url_meta":{"origin":636602,"position":5},"title":"Saudi wealth fund sets up company to invest in Egypt","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"Introducing the SEIC: Saudi Arabia\u2019s sovereign wealth fund has set up a company to manage its investments in Egypt as it prepares to deploy bns of USD in the country in the coming months, it said in a statement on Thursday. The Saudi Egyptian Investment Company (SEIC) will act as\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/157.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\/636602","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=636602"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/636602\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/636603"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=636602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=636602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=636602"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=636602"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=636602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}