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Saudi Arabia to Expand Investments in Sudan

A general view shows Sudanese people and traffic along a street in Khartoum, Sudan. Reuters file photo
A general view shows Sudanese people and traffic along a street in Khartoum, Sudan. Reuters file photo
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Saudi Arabia to Expand Investments in Sudan

A general view shows Sudanese people and traffic along a street in Khartoum, Sudan. Reuters file photo
A general view shows Sudanese people and traffic along a street in Khartoum, Sudan. Reuters file photo

The Saudi Minister of Environment, Water and Agriculture Abdurrahman bin Abdulmohsen has confirmed the Kingdom’s desire to cooperate and boost trade, economic and development relations with Sudan.

Sudan’s official economic sector, during the Saudi-Sudanese Investment Forum which kicked off in Khartoum on Sunday, proposed six main areas viable for Saudi investments. They included energy, electricity, mining, transport and communication, fishery, and railways sectors.

The Sudanese government has worked to remove all difficulties facing foreign investors with its investment ministry making great strides in unifying investment procedures through the establishment of a single window.

The Sudanese government was seeking to promote investment and encourage the private sector in a bid to establish an infrastructure that is conducive to attracting foreign investments.

Abdulmohsen expressed Saudi Arabia’s readiness to enhance economic and commercial ties and investment with Sudan in a manner that benefits both countries.

He referred to directives by the Saudi government to discuss investment opportunities in Sudan in the fields of energy, infrastructure, agriculture, and telecommunication.

Sudanese Agriculture Minister Eltahir Harbi reaffirmed that Saudi Arabia has given his country great support during the transition period it is currently undergoing. The Kingdom has also contributed to removing Sudan off the list of state sponsors of terrorism and lifting it from economic isolation.

Saudi Arabia has also helped Sudan get a loan of $3 billion.

Harbi stressed that Saudi investments in Sudan are thriving, especially in the areas of rain-fed agriculture, animal production and forestry.

He pointed out that the forum contributes to strengthening relations to help expand investment and development cooperation between the two countries.

According to Harbi, this has helped the governments of the two countries respond to the needs of the region and neighboring markets considering food shortages, climate change factors, and the outbreak of the coronavirus pandemic.

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Egypt’s Net Foreign Assets Rise in February

Hotels, banks and offices on the Nile River in Cairo (Reuters)
Hotels, banks and offices on the Nile River in Cairo (Reuters)
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Egypt’s Net Foreign Assets Rise in February

Hotels, banks and offices on the Nile River in Cairo (Reuters)
Hotels, banks and offices on the Nile River in Cairo (Reuters)

Egypt’s net foreign assets (NFAs) increased by $1.48 billion in February, marking the second monthly rise this year following consecutive declines in the final three months of 2024, according to data released by the Central Bank of Egypt (CBE).

Based on official exchange rates provided by the CBE, calculations by Reuters showed that net foreign assets rose to the equivalent of $10.18 billion at the end of February, up from $8.70 billion in January.
A banking source attributed the increase to growing foreign investor purchases of Egyptian treasury bills. January also saw an uptick in foreign assets after the government issued $2 billion in international bonds—the country’s first dollar-denominated bond sale in four years.

Further growth in foreign assets is expected in March after the International Monetary Fund approved a $1.2 billion disbursement to Egypt, following the fourth review of its $8 billion economic reform program signed in March 2024. Last month’s IMF approval also unlocked an additional $1.3 billion under the Fund’s Resilience and Sustainability Facility.

Following Egypt’s fourth currency devaluation in March 2024, the overall net foreign asset position of Egyptian banks swung into surplus by about $14.29 billion in May—the first surplus in nearly 28 months. This turnaround came after the deficit had ballooned to nearly $29 billion by the end of January, just before the central bank’s latest reform measures.

However, the net foreign position of commercial banks alone (excluding the central bank) turned negative again in August due to renewed demand pressures for US dollars, just three months after the broader recovery.

In February, both the central bank and commercial banks recorded an increase in foreign assets. While the CBE’s foreign liabilities also grew during the month, those of commercial banks declined.