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Saudi Arabia Wishes to Explore Investment Opportunities in Egypt's Real Estate

Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)
Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)
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Saudi Arabia Wishes to Explore Investment Opportunities in Egypt's Real Estate

Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)
Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)

Saudi Arabia plans to enhance cooperation and expand in Egypt during the coming period, announced the head of the Saudi National Real Estate Committee.

Speaking at the Saudi-Egyptian Real Estate Forum, Chairman Mohammad al-Murshed asserted the strong desire to boost and expand cooperation with Egypt by taking advantage of the investment opportunities offered in the real estate sector.

He said the Saudi economy witnessed positive growth in all economic fields over the past years, leading to many local and global achievements.

Saudi Arabia is among the 20 largest economies worldwide, and its products have reached more than 140 global markets.

Murshed stated that the Saudi government led by the Custodian of the Two Holy Mosques, King Salman, is establishing initiatives, programs, and giant projects that contribute to achieving Vision 2030, which aims to diversify sources of income, attract more local and international investments to the Saudi market, and create strategic partnerships.

He listed several important projects in Saudi Arabia, such as the NEOM project, the Red Sea, Qiddiya, Amaala, the projects of the Ministry of Housing, and other giant projects in which the real estate sector plays a prominent and vital role.

Murshed invited Egyptian business owners to benefit from these opportunities by creating strategic partnerships with Saudi business owners.

Meanwhile, Egypt's Minister of Public Business Sector, Hisham Tawfik, praised in his opening speech the developments in the Kingdom and Egypt, highlighting the insightful vision of the two countries' leadership.

The minister reviewed the partnership policies of the Egyptian government with investors and developers and investment opportunities in Egypt's real estate.

Moreover, Deputy Minister of Housing, Utilities, and Urban Communities for Egyptian National Projects Khaled Abbas pointed to the importance of boosting cooperation between Saudi Arabia and Egypt in all economic and commercial fields, including real estate.

The Egyptian Businessmen Association organized the second Saudi Egyptian Real Estate Forum in cooperation with the Saudi Chambers Federation and Saudi Egyptian Businessmen Council.

It was inaugurated under the patronage of Egypt's Prime Minister Mustafa Madbooly. Saudi ambassador to Egypt Osamah bin Ahmed Nugali and representatives of giant Saudi and Egyptian real estate companies were also at the forum.

Chairman of the Construction and Building Committee of the Egyptian Businessmen Association, Fathallah Fawzy, said that Saudi Arabia is one of the top countries investing in Egypt in various fields, with investments worth approximately $32 billion.

Fawzy recalled that the real estate sector generated about EGP240 billion in 2021, asserting that Egypt looks forward to the great opportunities available for Saudi investment.

On Sunday, a delegation of the Real Estate National Committee affiliated with the Federation of Saudi Chambers, chaired by Murshed, met in Cairo with the CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel-Wahab.

During the meeting, the two sides reviewed the available investment opportunities and the chances of opening new areas for mutual investments between the two countries.

The delegation included representatives of 27 major Saudi companies in real estate development, industry, agriculture, and construction materials.

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Trump Exempts Mexico Goods from Tariffs for a Month, but Doesn’t Mention Canada

Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
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Trump Exempts Mexico Goods from Tariffs for a Month, but Doesn’t Mention Canada

Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)

US President Donald Trump on Thursday said Mexico won't be required to pay tariffs on any goods that fall under the United States-Mexico-Canada Agreement on trade until April 2, but made no mention of a reprieve for Canada despite his Commerce secretary saying a comparable exemption was likely.

"After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote on Truth Social. "This Agreement is until April 2nd."

Earlier on Thursday, US Commerce Secretary Howard Lutnick said the one-month reprieve on hefty tariffs on goods imported from Mexico and Canada that has been granted to automotive products is likely to be extended to all products that comply with the US-Mexico-Canada Agreement on trade.

Lutnick told CNBC he expected Trump to announce that extension on Thursday, a day after exempting automotive goods from the 25% tariffs he slapped on imports from Canada and Mexico earlier in the week.

Trump "is going to decide this today," Lutnick said, adding "it's likely that it will cover all USMCA-compliant goods and services."

"So if you think about it this way, if you lived under Donald Trump's US-Mexico-Canada agreement, you will get a reprieve from these tariffs now. If you chose to go outside of that, you did so at your own risk, and today is when that reckoning comes," he said.

Nonetheless, Trump's social media post made no mention of a reprieve for Canada, the other party to the USMCA deal that Trump negotiated during his first term as president.

Lutnick said his "off the cuff" estimate was that more than 50% of the goods imported from the two US neighbors - also its largest two trading partners - were compliant with the USMCA deal that Trump negotiated during his first term as president.

Canadian Prime Minister Justin Trudeau called Lutnick's comments "promising" in remarks to reporters in Canada.

"That aligns with some of the conversations that we have been having with administration officials, but I'm going to wait for an official agreement to talk about Canadian response and look at the details of it," Trudeau said. "But it is a promising sign. But I will highlight that it means that the tariffs remain in place, and therefore our response will remain in place."

Lutnick emphasized that the reprieve would only last until April 2, when he said the administration plans to move ahead with reciprocal tariffs under which the US will impose levies that match those imposed by trading partners.

In the meantime, he said, the current hiatus is about getting fentanyl deaths down, which is the initial justification Trump used for the tariffs on Mexico and Canada and levies on Chinese goods that have now risen to 20%.

"On April 2, we're going to move with the reciprocal tariffs, and hopefully Mexico and Canada will have done a good enough job on fentanyl that this part of the conversation will be off the table, and we'll move just to the reciprocal tariff conversation," Lutnick said. "But if they haven't, this will stay on."

Indeed, Trudeau is expecting the US and Canada to remain in a trade war.

"I can confirm that we will continue to be in a trade war that was launched by the United States for the foreseeable future," he told reporters in Ottawa.