The CEO’s of more than a hundred major Saudi companies were in town for the Egyptian-Saudi Business Council Meeting; Egyptian officials and business people attended with the aim of promoting trade and investment relations between Egypt and Saudi Arabia.
Standing at USD 54 billion, Saudi Investments in Egypt were at a historic all-time high. Private companies contributed USD 44 billion while the remaining USD 10 billion were invested by the Saudi Public Investment Fund, according to a statement by the Deputy Head of the Saudi-Egyptian Business Council Abdullah Bin Mahfouz.
Saudi investments firms were and still are interested in Egypt’s recovering economy, especially in the fields of services, manufacturing, construction, real-estate, tourism, and banking.
In the light of this meeting, two agreements between Saudi “Aramco” and the Egyptian “Arab Petroleum Pipelines Company” (SUMED) worth USD 2 billion came to light. Other projects included EGP 8 billion shopping malls in Katameya, Mansoura, and Tanta being constructed by Fawaz Al-Hokair Group’s Marakez; an EGP 5-billion worth of medical cities in Sheikh Zayed and Ismailia built by Batterjee Medical Services; and finally, an EGP 3 billion investment in hospitality and tourism built by Golden Pyramids Plaza.
The meeting also worked on defining a strategy of developing economic links between both countries and working together on joint projects in Africa, benefiting from Egypt’s current position as the President of the African Union.
Both parties looked forward to bringing the commerce chambers of both countries closer, integrating various industrial sectors for the mutual benefits of both countries. The number of current projects that the Saudis are investing in is 1,300 projects that target Egyptian small and medium-sized enterprises.