Saudi Arabia And Egypt Aim To Establish A Complementary Investment System For Economic Growth

Assistant Minister of Investment and Chairman of the Saudi Investment Promotion Authority (SIPA), Ibrahim Al-Mubarak, highlighted the potential for Saudi Arabia and Egypt to develop a complementary investment framework. He emphasised that their economic power, political clout, and strategic locations could be harnessed to create real added value. This would benefit investors and contribute to sustainable development in both countries, enhancing regional stability and prosperity.

Al-Mubarak's comments were made during the Saudi-Egyptian Investment Forum in Cairo. He noted that the relationship between Saudi Arabia and Egypt is based on strong foundations of brotherhood and mutual understanding. Over the years, this relationship has evolved into an advanced model of Arab cooperation. The economic partnership was further solidified with the signing of the Investment Promotion and Protection Agreement during Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud's visit to Egypt last October.

The assistant minister also mentioned that trade between the two nations is expected to surpass SAR61.1 billion ($16.3 billion) in 2024. This represents a significant increase of 29% compared to 2023 figures. Such growth underscores the strategic depth of their bilateral relations.

Al-Mubarak pointed out that Egyptian investment licenses in Saudi Arabia have reached approximately 6,000, marking the highest number in the country. These investments employ over 80,000 people across various sectors. Key areas include construction, manufacturing, as well as wholesale and retail trade.

"The relations between the Kingdom and Egypt are built on solid foundations of brotherhood and mutual understanding and have evolved over the decades to become an advanced model of Arab cooperation," he said.

This collaboration not only benefits investors but also contributes significantly to sustainable development efforts in both nations. It plays a crucial role in ensuring regional stability and prosperity.

The assistant minister's remarks reflect a commitment to strengthening economic ties through strategic partnerships. By leveraging each country's unique advantages, they aim to build a robust investment ecosystem that supports long-term growth.

With inputs from SPA