Cairo: The Federation of Saudi Chambers and Egypt's General Authority for Investment and Free Zones (GAFI) held the Saudi-Egyptian Business Forum in Cairo, bringing together officials from both nations and representatives from 300 Saudi and Egyptian companies. The forum aimed to explore partnership prospects and economic cooperation between the two countries.
According to Saudi Press Agency, the event highlighted investment opportunities and incentives in both Saudi Arabia and Egypt. Discussions focused on the business environment and potential partnerships in sectors such as industry, real estate development, tourism, economic zones, and free zones.
Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA), Ibrahim Al-Mubarak, noted that the investment protection and promotion agreement between Saudi Arabia and Egypt has facilitated significant investment cooperation. He remarked that Saudi Arabia continues to be a major investment partner for Egypt, with SIPA granting 7,000 licenses for Egyptian investments in the Kingdom. Trade between the two countries reached SAR60 billion in 2024, reflecting a 29 percent increase.
GAFI CEO Hossam Heiba stressed the Egyptian government's commitment to fostering an attractive investment environment. Efforts include continued advancements in infrastructure and the implementation of fiscal, monetary, and investment policy incentives. Heiba also underscored the importance of Saudi investments in Egypt's sustainable development, mentioning the establishment of a special unit dedicated to Saudi investments.
Hamad Al-Rasheed, a representative from the Saudi Ministry of Investment, reviewed the Kingdom's initiatives to stimulate investment. These include creating special economic zones focused on sectors like cloud computing, logistics, automotive production, shipbuilding, food, mining, and pharmaceuticals. He also discussed the launch of a national initiative to attract strategic global supply chains to the Kingdom, highlighting efforts to simplify and digitize investment procedures.