RIYADH: In 2024, more than double investment licenses were given by Saudi Arabia to Egyptian firms, showcasing the strong economic ties between the two countries. Saudi Investment Minister, Khalid Al-Falih pointed out this during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh, which was organised by Federation of Chambers. The collaboration managed to create more than 80,000 jobs in Saudi Arabia by Egyptian investors.
Al-Falih highlighted the importance of Egypt in the various sectors which include tourism, infrastructure, agriculture, energy and information technology. He also pointed out that the strong cooperation between the two countries will also enrich Arab economy and will boost regional economy growth. He talked of international economic shifts and other growing sectors like artificial intelligence as opportunities for mutual growth. Al-Falih saw Egypt as one of Saudi’s strategic partners in investing, leveraging its strategic market and trade relations.
Madbouly admitted that Saudi Arabia is still a key market for Egyptian expatriates and talked about Egypt’s plan to increase exports from $ 35 billion to $ 145 billion. He also focused on addressing problems that Saudi investors encounter, the improvements, and new incentives like the golden license to encourage more investments.
Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, particularly highlighted the issue of investor concerns and the necessity to create a clear investment policy aimed at boosting Egypt’s economic competitiveness.
