{"id":88389,"date":"2024-08-04T00:00:00","date_gmt":"2024-08-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/04\/al-falih-talks-up-prospect-of-fresh-investment-in-egypt\/"},"modified":"2024-08-04T00:00:00","modified_gmt":"2024-08-04T00:00:00","slug":"al-falih-talks-up-prospect-of-fresh-investment-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/04\/al-falih-talks-up-prospect-of-fresh-investment-in-egypt\/","title":{"rendered":"Al Falih talks up prospect of fresh investment in Egypt"},"content":{"rendered":"

The government could turn its deposits at the Central Bank of Egypt (CBE) into foreign <\/strong>direct investment (FDI)<\/strong>, Investment Minister Khalid Al Falih told Prime Minister Moustafa Madbouly in New Alamein on Thursday, according to two separate statements (here<\/a>, and here<\/a>). Al Falih also said the Kingdom expects that the Public Investment Fund will commit more capital to Egypt. Al Falih also met with Egypt\u2019s ministers of planning, transport, and industry.<\/p>\n

(** 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

What they said: <\/strong>The PIF\u2019s companies have investments in Egypt amounting to around USD 3 bn, said Muteb Al Shathri, the PIF\u2019s representative in Egypt. He highlighted the existing cooperation between the fund and the Sovereign Fund of Egypt through the government's IPO program. <\/p>\n

What\u2019s next?<\/strong> The two sides are working to finalize an agreement on the protection and promotion of bilateral investments. \u201cWe have made significant progress on agreeing to most of the agreement's terms, with only a few points currently under discussion between the parties,\u201d said Madbouly.<\/p>\n

IN CONTEXT- <\/strong>Saudi\u2019s long term deposits at the CBE are valued at USD 5.3 bn \u2014 out of the bank\u2019s total USD 14.9 bn long-term deposits \u2014 according to the CBE\u2019s latest external position report for 1H FY 2023-2024 (pdf)<\/a>. Meanwhile, Saudi direct investments in Egypt totalled USD 2.4 bn in FY 2022-2023, up from USD 491 mn in FY 2021-2022, and that figure is USD 235 mn in 2Q FY 2023-2024, according to the CBE\u2019s monthly bulletin for May (pdf)<\/a><\/a>. Saudi Arabia has provided Egypt with USD 12.9 bn in finance, accounting for 7.7% of Egypt\u2019s entire sovereign debt profile.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi\u2019s long-term deposits at the CBE are valued at USD 5.3 bn<\/p>\n","protected":false},"author":1,"featured_media":88390,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2616],"tags":[10,110,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-ksa","tag-foreign-direct-investment","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"8455c3f2-f8e9-4158-8237-ada4d80f2f3c","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":"Al Falih meets top Egyptian officials in New Alamein to discuss ramping up Saudi investments","related_issue":[88382],"teaser":"Saudi\u2019s long-term deposits at the CBE are valued at USD 5.3 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.ab569579-51cc-406d-8533-b02c94004445.mp3"},"yoast_head":"\nAl Falih talks up prospect of fresh investment in Egypt - 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