Saudi investments in Egypt reach 32 billion USD

Egypt and Saudi Arabia have close economic cooperation and Saudi investments in Egypt have reached 32 billion U.S. dollars, Egypt’s deputy planning minister has said.

“We look forward to greater partnership and cooperation in trade and investment between the two countries,” Ahmed Kamali, Egyptian deputy minister of planning and economic development, added.

Kamali’s remarks came during his meeting in Cairo with a Saudi delegation led by Saudi Assistant Minister of Economy and Planning Suleiman Al-Obaid, where they discussed ways to boost economic cooperation.

The Egyptian minister stressed the close cooperation between the planning ministries of both countries, their shared visions, and “the depth of Egyptian-Saudi relations.”

For his part, Al-Obaid stressed Saudi’s interest in learning about Egypt’s Vision 2030 and the plans to implement the vision’s development goals.

He also underlined “the historical and strategic relations” between Riyadh and Cairo.

Saudi Arabia topped the list of countries investing in Egypt in the first half of the fiscal year 2022/2023 with investments that hit 2.1 billion dollars, according to an August report by Egypt’s official statistics agency CAPMAS.

Egypt’s fiscal year starts on July 1 and ends on the next June 30.

In mid-2022, Egypt and Saudi signed 14 investment deals in Cairo valued at 7.7 billion dollars during the state visit of Saudi Crown Prince Mohammed bin Salman Al Saud. ■