Saudi Arabia And Egypt Collaborate 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 create a complementary investment system. He emphasised that their economic strength, political influence, and strategic locations could be harnessed to generate real added value. This would not only benefit investors but also contribute to sustainable development and regional stability.

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 founded on strong brotherhood and mutual understanding. Over the years, this relationship has evolved into a 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 highlighted that trade between the two nations is expected to exceed SAR61.1 billion ($16.3 billion) in 2024. This represents a significant increase of 29% compared to 2023. Such growth underscores the strategic depth of their relations, which have been built over decades.

Al-Mubarak pointed out that Egyptian investments in Saudi Arabia are thriving, with around 6,000 investment licenses issued to Egyptian companies. These businesses employ more than 80,000 people across various sectors. Key areas of focus include construction, manufacturing, and wholesale and retail trade.

The assistant minister expressed optimism about the future of Saudi-Egyptian cooperation. He believes that by leveraging each country's unique strengths, they can foster an environment conducive to sustainable development and prosperity for both nations.

The forum served as a platform for discussing ways to enhance bilateral investments further. It aimed at exploring new opportunities for collaboration between Saudi Arabia and Egypt, ensuring mutual benefits for both countries' economies.

With inputs from SPA