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Saudi Government Enables Private Sector to Engage In Major State Projects

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
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Saudi Government Enables Private Sector to Engage In Major State Projects

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

The Saudi government is seeking to enable the private sector to contribute to state projects by designing a strategy that involves the Federation of Saudi Chambers and public agencies to stimulate and develop the economic sectors.

According to a recent report issued by the Federation of Saudi Chambers, coordination with government agencies contributed to improving the business environment and overcoming the challenges facing the sector.

The report revealed key government projects that supported the private sector, with the contribution of the Federation of Saudi Chambers, including raising the percentage of local content in mega projects, issuing the mining investment system, stimulating national exports according to incentive packages and government facilities, in addition to contributing to the franchise system and organizing the Saudi Center for Commercial Arbitration.

The Federation of Saudi Chambers is participating as a permanent member of the Business Environment Improvement Committee for the private sector, working to improve the regulatory and legislative environment for business affairs, creating innovative solutions to the obstacles facing the sector, and working to educate companies and institutions about the developments in the national economy.

The Open Ministerial Conferences is an initiative that falls within the national plan to stimulate the private sector, which aims to strengthen the complementary relationship between the public and private sectors and achieve comprehensive development.

The initiative also seeks to support and encourage investment in the various regions of the Kingdom and remove obstacles and challenges, with the aim to achieve Saudi Vision 2030.

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French Companies to Inject New Investments in Egyptian Market

Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)
Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)
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French Companies to Inject New Investments in Egyptian Market

Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)
Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)

Several French companies have committed to making new investments in the Egyptian market across various sectors, including transportation, food, and pharmaceuticals.

According to a statement by Egypt’s General Authority for Investment and Free Zones (GAFI) on Saturday, companies such as Lesaffre (in yeast production), Alstom (transport), Sanofi (pharmaceuticals), and Decathlon (specialized retail in sportswear and equipment) have pledged to invest further in Egypt. These plans aim to leverage the significant improvements in the country’s investment infrastructure and legislative framework.

French investments in Egypt currently stand at approximately €7 billion (around $7.7 billion), distributed across 180 companies in various sectors. The companies’ commitment to expansion was made during a promotional visit to France by GAFI CEO Hossam Heiba, accompanied by Minister of Investment and Foreign Trade Hassan Al-Khatib.

The visit included participation in the Egyptian-French Business Forum held in Paris and Marseille, with the attendance of French Minister of Foreign Trade Sophie Primas and more than 350 French companies.

The Egyptian officials also held meetings with John Cockerill, a leader in hydrogen production equipment, representatives of bpi France, a French investment bank and the chairman of CMA CGM, a French logistics and maritime company and a key development partner of Egypt.

Heiba noted that Egypt has successfully attracted a significant number of global and French companies, benefiting from its strategic position as an investment and export hub for Africa. He emphasized that his country has maintained its position as the top African destination for investments in 2022 and 2023, with expectations of continuing this trend in the coming years. This is further supported by the record-breaking foreign direct investment, which reached $46.1 billion in the 2023-2024 fiscal year.

Additionally, Heiba signed a memorandum of understanding (MoU) with the French Investment Promotion Agency, which aims to sustain investment cooperation between Egypt and France, focusing on providing investor support, fostering partnerships between the two countries' business communities, and sharing data on target sectors and legislative developments. The agreement also covers the organization of investment promotion events and exploratory business tours.

The French side highlighted the substantial investments made by French companies in Egypt, particularly in telecommunications, healthcare, and cosmetics. Companies such as Valeo, Capgemini, Atos, and Orange Business Services operate in Egypt’s IT and communications sector, while Servier, AXA, AXA One Health, Sanofi, and Air Liquide have made significant contributions to the healthcare sector. L'Oréal is also a major player in the cosmetics industry.

This promotional visit is part of Egypt’s efforts aimed at expanding investment ties with Europe, following the 2024 Egypt-European Investment Conference held in Cairo in June, and the March 2023 announcement of an enhanced strategic partnership between Egypt and the European Union.