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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

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.

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Kuwait Plans to Return to Globat Debt Market to Finance Development Projects

Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)
Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)
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Kuwait Plans to Return to Globat Debt Market to Finance Development Projects

Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)
Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)

Kuwait plans to return to the global debt market this year and is expected to borrow between $10 to $20 billion during the current fiscal year to finance development projects, a finance ministry official said on Monday.

On March 26, the Kuwaiti government issued a debt law that sets the public debt ceiling at a maximum of 30 billion Kuwaiti dinar (about $97 billion), or its equivalent in major convertible foreign currencies. The law also allows the issuance of financial instruments with maturities of up to 50 years.

It is valid for 50 years from the date of its entry into force, establishing a long-term legal framework for regulating public borrowing and liquidity management in Kuwait.

Director of Public Debt at the Finance Ministry Faisal Al-Muzaini said during a presentation of the new debt law that the ratio of debt to gross domestic product (GDP) in Kuwait is minuscule at just 2.9%, whereas it is 60 to 70% in many countries.

Al-Muzaini announced that Kuwait is returning to the financial markets, both domestic and international, for borrowing in the 2025/2026 fiscal year.

He described the move as the largest financial market entry in over eight years, hailing the law as a landmark in public finance reform and saying stating it provides the government with a robust legal framework for managing public debt.

The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of 30 billion Kuwaiti dinar (approximately $92 billion).

Al-Muzaini added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally.

One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances.

“This law sends a strong message of fiscal discipline and credibility to global markets,” Al-Muzaini said. “It is expected to contribute to enhancing Kuwait’s credit profile, drawing wider investor interest, and advancing the country’s transition toward a diversified economy.”

Undersecretary of the Finance Ministry Aseel Al-Munifi said on Monday that the law aims to stimulate the economic environment, attract foreign investments and boost developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability, she said.

Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects.

“The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait’s credit rating,” she said. “It reflects positively on the state’s borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.”

Al-Munifi also noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government’s general budget for the next five years.

Moreover, she revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. “The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,” she said.