Saudi investments in Egypt reach $6.3bln – ministry
Saudi investments in Egypt stands at $6.3 billion in 7,444 projects spanning industry, construction, tourism, services, agriculture, finance, communications, and information technology, according to Ministry of Trade and Industry on Sunday.
Both countries have reached multiple agreements worth $1.5 billion and they expected to sign these deals during the Egyptian-Saudi Business Forum, taking place in Cairo, Egypt, on November 20.
The Egyptian investments in Saudi Arabia reached $1.6 billion across 2,027 projects in manufacturing, retail, and construction sectors, said Minister of Industry and Trade Ahmed Samir in a meeting with his Saudi counterpart Majid Al Qasabi.
Samir disclosed that the bilateral trade volume between the two countries reached approximately $5.66 billion last year, marking a substantial 23.9 percent increase compared to the $4.57 billion recorded in 2021.