Saudi Arabia to double its investments in Egypt: Madbouly

Fatma Salah
1 Min Read

Saudi Arabia aims to increase its total investment in the Egyptian market to $30bn during the coming period, according to Prime Minister Mostafa Madbouly.

Saudi sources told Daily News Egypt that Saudi Arabia will sign 16 cooperation agreements with Egypt during the coming period.

Crown Prince of Saudi Arabia Mohamed bin Salman was supposed to witness the signing of 30 cooperation agreements with Egyptian partners during his Tuesday visit to Cairo, however, only 14 deals were concluded and the rest were rescheduled for later time. The 14 signed agreements were worth about $7.7bn.

The volume of foreign direct investment in Egypt recorded about $5.9bn in 2021.

More than 6,800 Saudi companies currently operate in the Egyptian market, according to the Saudi News Agency.

Madbouly said Mohamed bin Salman’s visit to Egypt comes within the framework of the historical relations linking the two brotherly countries. He affirmed the compatibility of Egyptian and Saudi visions in various political and economic issues of common interest.

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