The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) have organized the ‘Saudi-Egyptian Business Forum’ in Cairo, aimed at exploring opportunities for partnership while enhancing economic cooperation.
The forum gathered officials from both countries and 300 Saudi and Egyptian companies, highlighting investment prospects and incentives in Saudi Arabia and Egypt, as well as the partnership prospects across various sectors such as industry, real estate development, tourism and economic zones and free zones.
Ibrahim Al-Mubarak, Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA), emphasized that the investment protection and promotion agreement between both countries established a foundation for investment cooperation.
Al-Mubarak also reaffirmed the Kingdom’s role as a leading investment partner for Egypt, stressing that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries rose to $16.2 billion (SAR60 billion) in 2024, marking a notable 29 percent increase.
Hossam Heiba, CEO of GAFI, stated that the Egyptian government is committed to offering a thriving investment environment through infrastructure progress and the implementation of incentive measures in fiscal, monetary and investment policies.
Heiba also highlighted the government’s support for growing incoming investments, particularly Saudi investments, which serve as a key driver of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.
Hamad Al-Rashee, the representative of the Saudi Ministry of Investment, reviewed the Kingdom’s efforts to boost investment through the development of special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.
Al-Rashee further highlighted the launch of the national initiative for global supply chains, which seeks to attract strategic supply chains while securing regional and global market share in key sectors alongside Saudi Arabia’s efforts to simplify and digitize procedures.
