Saudi Arabia has signed deals exceeding $15 billion in various sectors in Egypt, including renewable energy, industry, real estate development, tourism, and technology, Bandar Al-Amiri, head of the Saudi-Egyptian Business Council, said on October 16.
The deals were announced during Saudi Crown Prince and Prime Minister Mohammed bin Salman’s visit to Egypt this month. They encompass the establishment of the Egyptian-Saudi Supreme Coordination Council and other deals to safeguard and encourage investments between the two nations.
The Supreme Coordination Council, co-chaired by the Egyptian president and the Saudi crown prince, will oversee and ensure the continuous development of various aspects of bilateral relations between the two countries.
The new investment plans come after Egypt’s Prime Minister Mostafa Madbouly announced in September that the Saudi Public Investment Fund (PIF) will invest $5 billion in Egypt as part of an initial phase, according to the Egyptian cabinet.
The PIF already has an extensive investment portfolio in Egypt. In 2022, the Saudi Egyptian Investment Company (SEIC), a subsidiary of the PIF, inked a deal worth $1.3 billion to acquire minority stakes in four Egyptian state-owned companies.
In August, Saudi Minister of Investment Khalid Al-Falih announced plans for Saudi Arabia to convert its deposits at the Central Bank of Egypt (CBE) into investments, according to a cabinet statement.
Saudi Arabia’s deposits at the CBE are worth $10 billion, $5,3 billion of which is scheduled to be reimbursed by the end of October 2026, data from the bank showed.
Egypt-Saudi Trade Relations
Egypt ranks as Saudi Arabia’s seventh-largest trading partner. Saudi Investment Minister Khaled Al-Falih has noted that trade between the two nations surpassed $124 billion in 2022 and 2023.
The Federation for Saudi Chambers of Commerce and Industry indicates that investments between Egypt and Saudi Arabia reached 48 billion riyals ($12.8 billion), with Egyptian imports valued at 20 billion riyals and Saudi exports at 28 billion riyals.
Saudi Arabia’s imports from Egypt include mineral products, fruits, and foodstuffs. On the other hand, Saudi Arabia exports dairy products, organic chemicals, and aluminum products to Egypt.
According to Fast Company Middle East, Bandar bin Ibrahim Alkhorayef, the Saudi Minister of Industry and Mineral Resources noted in September that it is important to accelerate industrial integration and maximize the trade exchange base between Egypt and Saudi Arabia. “We believe that industrial integration between Egypt and Saudi Arabia will catalyze sustainable cooperation between the two nations,” Alkhorayef said.
