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Saudi Arabia’s investments in Egypt hit over $6bn

India Reuters
Bilateral trade exchange rose 41.3 percent year-on-year to $4.572 billion in 2021

Saudi Arabia has invested $6.1 billion into 6,017 projects across Egypt, becoming the second largest investor in the country, local media reported.

The kingdom’s investments cover various sectors, including industry, construction, tourism, agriculture, services, finance, communications and information technology, Arab News reported, citing Egypt’s minister of trade and industry Ahmed Samir.

Bilateral trade exchange rose 41.3 percent to $4.572 billion in 2021, compared to $3.236 billion in 2020.

In August, Saudi Arabia’s sovereign wealth fund, Public Investment Fund, launched the Saudi Egyptian Investment Company to invest in promising Egyptian sectors.

As part of the launch, ministers discussed ways to enhance investment cooperation between the two countries. Talks also locked at ways to launch Egyptian-Saudi industrial partnerships in various production domains.

Saudi Arabia is the top exporter among Arab nations with exports worth $6.4 billion, followed by Kuwait, the UAE and Oman with exports worth $2.4 billion, $2.2 billion and $625.7million, respectively, the newspaper said, citing the Egyptian Central Agency for Public Mobilisation and Statistics.

In November, state-run Saudi Press Agency reported that the Kingdom is exploring investment opportunities in Egypt’s improving real estate landscape.

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