Cairo – Egyptian and Saudi companies, signed 14 new investment agreements worth about USD 7.7 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Cairo. The agreements included the areas of infrastructure, logistics, port management, food industry, pharmaceuticals, energy, renewable energy, electronic payments, financial solutions, and information technology.
The agreements and Memoranda of Understanding (MoU) were signed between Saudi investment groups, government authorities, and Egyptian private agencies in the presence of ministers and entity heads. The CEO of Egypt’s General Authority for Investments and Free Zones (GAFI), Mohamed Abdel-Wahab, said the agreements represent a substantial leap forward in investment relations between the two countries, not only in terms of capital sums but also as an aggregation of value in the economies of Egypt and Saudi Arabia and funding for the infrastructure, logistics, and technology sectors.
According to Abdel-Wahab, the new agreements confirm the strength of the historical and economic ties uniting the two sister countries. The executive stated the GAFI would play its role in supporting Saudi investment projects and removing all barriers to their implementation.
He added that a golden license would be granted to companies establishing strategic or national projects, and land acquisition would be facilitated. Saudi investors will receive essential information on the new investment opportunities available from the Egypt investment map, including over 2,700 options in different sectors.
Translated by Elúsio Brasileiro
