Today, Tuesday, Riyadh and Cairo signed a package of economic and trade agreements worth 29 billion riyals ($7.73 billion), on the sidelines of the visit of Saudi Crown Prince Mohammed bin Salman to Egypt.
This came, according to what the Saudi Ministry of Investment reported on its Twitter account, where it said that agreements were signed between a group of Saudi companies in various economic activities and Egyptian companies and destinations.
14 memoranda of understanding and agreements were signed between major Saudi and Egyptian companies in key sectors such as:
✅ Renewable Energy
✅ Logistics
Services ✅ Financial Services
✅ Real Estate
✅ Agriculture and Food
✅ Information Technology
🇸🇦🤝🇪🇬 pic.twitter.com/TYZU5fqJIB
— Ministry of Investment (@MISA) June 21, 2022
The Saudi Ministry of Investment added that the signing came during a ceremony held today (Tuesday), in cooperation between them on the one hand, and the Egyptian General Authority for Investment and Free Zones on the other.
During his speech at the ceremony, Saudi Investment Minister Khalid Al-Falih said: "The role of the Ministry of Investment is to support, motivate and facilitate the participation of the private sector in the development of economic sectors inside and outside the Kingdom."
On Monday, the Saudi Royal Court announced the Crown Prince's travel on a foreign tour that includes Egypt, Jordan and Turkey. Later, the Egyptian (governmental) Al-Ahram Gate reported that President Abdel Fattah El-Sisi received him at Cairo Airport on a two-day visit.
According to data from the Saudi General Authority for Statistics, trade exchange between the Kingdom and Egypt increased in 2021 by 88%, to $14.5 billion, compared to 7.7 billion in 2020.
Saudi investments in Egypt amount to $32 billion, compared to $5 billion in Egyptian investments in Saudi Arabia, according to data from the Federation of Saudi Chambers of Commerce.
There are 6800 Saudi companies working in Egypt, compared to 802 Egyptian companies spread in the Kingdom.