Cairo: Assistant Minister of Investment and Chairman of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak affirmed on Sunday that Saudi Arabia and Egypt, with their economic strength, political influence, and strategic locations, are capable of building a complementary investment system that leverages each country's unique advantages.
According to Saudi Press Agency, the assistant minister indicated that this system will create real added value, benefiting not only investors but also contributing to sustainable development in both nations and the stability and prosperity of the entire region. Al-Mubarak made these remarks during his speech at the Saudi-Egyptian Investment Forum held in Cairo.
He emphasized that the relations between the Kingdom and Egypt are built on solid foundations of brotherhood and mutual understanding, evolving over the decades into an advanced model of Arab cooperation. Al-Mubarak highlighted the strengthening of the economic partnership through the signing of the Investment Promotion and Protection Agreement during the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to Egypt last October.
Al-Mubarak confirmed that these relations reflect the strategic depth between the two countries, with trade exchange in 2024 exceeding SAR61.1 billion, equivalent to $16.3 billion, marking a notable growth of 29% compared to 2023. He pointed out that the number of Egyptian investment licenses in the Kingdom has reached around 6,000, the highest in the country, with more than 80,000 employees working in these companies.
These investments are concentrated in key sectors such as construction, manufacturing, and wholesale and retail trade, the assistant minister noted.