FAS Investment and Real Estate Development, an Alhokair Group subsidiary, aims to invest $1.5 billion in Egypt during 2024, as the company’s CEO, Turki Alhokair, revealed in an interview with Asharq Bloomberg.

The new investments will focus on the energy, real estate, and infrastructure sectors in Egypt. This was on the sidelines of a press conference held at the Ministry of Trade and Industry on Sunday. Alhokair added that FAS's current investments in Egypt amount to $5 billion.

Earlier this week, the Minister of Trade and Industry Ahmed Samir met with his Saudi counterpart Commerce Minister, Majid Al Qasabi to discuss ways to develop economic cooperation relations between the two countries, in the presence of a number of Saudi investors.

Al Qasabi also met with Prime Minister Mostafa Madbouly on Sunday where he declared that the time has come for synergy and cooperation and came to an agreement to organize a Saudi-Egyptian forum happening today to promote investment opportunities in both nations.

Egyptian and Saudi companies could sign investment agreements across energy, real estate, agriculture, and tourism sectors worth up to $1.5 billion on Monday as part of the forum.

During his meeting with Madbouly, the Saudi commerce minister stated that more than 70% of challenges encountered by Saudi investors in Egypt have been resolved, with ongoing efforts to tackle the remaining issues.