A Saudi delegation, led by Saudi Trade Minister Majid bin Abdullah Al Qasabi, will arrive tomorrow for the forum to facilitate investments and trade opportunities between the two countries
Companies from Egypt and Saudi Arabia could be signing agreements worth up to $1.5 billion on Monday’s Egyptian-Saudi Business Forum, explained Turki Al-Hokair, a member of the Egyptian-Saudi Business Council, on Saturday.
A Saudi delegation, led by Saudi Trade Minister Majid bin Abdullah Al Qasabi, will arrive tomorrow for the forum to facilitate investments and trade opportunities between the two countries.
According to Al-Hokair, the agreements will involve investments in sectors such as energy, real estate, agriculture, and tourism.
The council member praised the Egyptian government's measures and efforts to reduce the obstacles and issues faced by Saudi companies and investors, highlighting the country’s success despite global economic challenges.
The Egyptian-Saudi Business Forum comes as Egypt continues to press on with its wider aim of attracting additional foreign investments to bolster its foreign currency reserves.
The country is looking to boost its FX inflows to narrow a financing gap of around $17 billion by 2026, with a target of $6-8 billion by the end of FY2023/2024.
Gulf countries such as Saudi Arabia have been significant partners as Egypt handles an FX shortage, with Gulf deposits in the Central Bank of Egypt reaching around $29.9 billion.
Trade between Saudi Arabia and Egypt climbed by 13.5% in 2022 to hit $10.3 billion, with Saudi Arabia as Egypt’s 4th largest trading partner during the previous fiscal year in terms of trade volume.
Local media recently reported that the CBE will receive new funds from the UAE and Saudi Arabia, with a potential $5 billion to be injected into the local market.
