CEO of the SAGIA: The agreements signed between Egypt and Saudi Arabia represent a quantum leap

Egyptian private companies, with their Saudi counterpart, signed 14 investment agreements worth $7.7 billion on Tuesday. The two sides explained that the agreements constitute the launching of projects in several fields, such as infrastructure, renewable energy, pharmaceutical, real estate, and finance, at the headquarters of the Egyptian Investment Authority.

The signing comes on the sidelines of the visit of Saudi Crown Prince Mohammed bin Salman to Egypt.

The General Authority for Investment and Free Zones hosted the signing ceremonies of 14 investment agreements between the Egyptian and Saudi sides in several sectors, such as infrastructure, logistical services, port management, food industries, pharmaceutical industry, traditional energy, renewable energy, electronic payment system, and financial and information technology solutions.

Agreements and MoUs were signed by Saudi investment groups with government and private Egyptian agencies in the presence of the Ministers of Trade and Investment from Saudi Arabia, the Chairman of the Federation of Saudi Chambers, the Chairman of the Egyptian-Saudi Business Council, in addition to representatives of more than 60 Saudi groups and companies.

On the Egyptian side, the signing ceremony was attended by Dr. Hala Al-Saeed, Minister of Planning and Economic Development, Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, and Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones.

CEO of the General Investment Authority said that the agreements signed today represent a qualitative shift in the investment relations between the two countries, not only in terms of material value, but in terms of added value to the economies of the two countries, to support infrastructure, logistics and technological services, which works to develop the capabilities of the Egyptian economy.

He stressed that this important event is a reflection of the strength of the historical and economic relations that bind the two brotherly countries. He also indicated that the "State Ownership Policy" document announced by Prime Minister Dr. Mostafa Madbouli, emphasized the country’s keenness to offer equal opportunities and enhance competitions and empower the private sector, which is what we are reaping the fruits of now.

Abdel Wahab explained that the General Authority for Investment and Free Zones will play its role in supporting Saudi investment projects, and removing all challenges facing their implementation, as the golden license will be granted to companies that establish strategic or national projects, in addition to providing various facilitations with regard to procedures for investors to obtain land. Saudi investors will be provided with the necessary information about the new investment opportunities available on Egypt's investment map, which includes more than 2,700 investment opportunities in various economic sectors.

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