The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation.
The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday.
Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation.
He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase.
GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies.
He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.
The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom’s efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.
He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom’s efforts to simplify and digitize procedures.
