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Oman, Egypt Discuss Establishing $100 Mn Investment Fund

Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
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Oman, Egypt Discuss Establishing $100 Mn Investment Fund

Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)

Oman and Egypt signed several memoranda of understanding (MoUs) after a meeting held by the joint Business Council in Muscat.

The Egyptian-Omani Business Council concluded its meeting and recommended the two governments discuss the establishment of a $100 million fund to develop the investment exchange.

The Council also called for the completion of the legal aspects of the signed agreements to facilitate and promote trade exchange.

The Oman News Agency (ONA) said that the two countries signed several MoUs in the political, security, economic, commercial, industrial, judicial, developmental, educational, media, labor, and social fields.

Egyptian Foreign Minister Sameh Shoukry met with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said, to discuss bilateral relations and take advantage of Egypt's development and economic boom.

Said and Shoukry participated in the meeting of the Omani-Egyptian Business Council at al-Bustan Palace.

Shoukry delivered a message to Sultan Haitham bin Tariq from Egyptian President Abdel Fattah al-Sisi.

The FM said that the private sector should help push the development in the two countries and support joint economic cooperation backed by both governments.

Shoukry urged the Omani private sector and businessmen to maximize their direct investments in Egypt and benefit from Cairo's giant development and economic projects.

He called for benefiting from the giant economic development projects implemented by the Egyptian state, which provide many and varied opportunities for investment in various fields, especially in light of recent achievements in terms of economic reform and improving the investment environment.

Shoukry hoped the Joint Business Council support government efforts to boost the development engine in both countries.

The Joint Egypt Omani committee issued a statement after its 15th session, noting that the Council stressed the importance of the distinguished historical relations between Oman and Egypt and the solid ties that bind their peoples.

The statement said that the two sides expressed their deep satisfaction with the high level of the relations, stressing the need to boost bilateral cooperation in all fields and open new horizons for collaboration.

The two delegations discussed regional and international issues of common interest and expressed their satisfaction with political coordination at various levels.

Speaking at the meeting, the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, Redha al-Saleh, said that the chambers of commerce want to take advantage of the opportunities in the two countries through exchanged visits between business delegations.

Saleh pointed out that the trade exchange between Muscat and Cairo reached over $293 million at the end of June 2021, with 744 Egyptian companies investing in Oman in 2020.

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Business

Shehbaz Sharif: We Repaid $3.5 Billion in Debt Thanks to Saudi Arabia’s 'Pivotal' Support

Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).
Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).
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Shehbaz Sharif: We Repaid $3.5 Billion in Debt Thanks to Saudi Arabia’s 'Pivotal' Support

Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).
Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).

Pakistan’s Prime Minister Shehbaz Sharif announced on Wednesday that his country had successfully repaid $3.5 billion in mandatory bilateral debt, affirming that this achievement came thanks to the “pivotal” support of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman.

He clarified that this repayment did not affect the stability of foreign exchange reserves; rather, it strengthened market confidence in Pakistan’s ability to meet its international obligations.

The Kingdom had announced the provision of substantial financial support to Pakistan, including the extension of the term of a previous $5 billion deposit and the provision of an additional $3 billion deposit, aimed at enhancing economic stability and addressing global changes.

On Friday, the State Bank of Pakistan announced that Islamabad had completed the repayment of $3.45 billion in deposits to the United Arab Emirates, settling a final tranche worth $1 billion. The bank had also announced that it had received the Saudi deposit worth $3 billion.

This came after the United Arab Emirates requested that Pakistan return the funds it had deposited in the State Bank of Pakistan in 2018 to bolster its foreign exchange reserves.

This qualitative support aims to enable the Pakistani economy to confront global economic changes and strengthen its financial resilience, in a way that positively reflects on the living conditions of the Pakistani people. It also reaffirms the Kingdom’s consistent and ongoing position of standing alongside Pakistan under all circumstances, embodying the sincere bonds of brotherhood between the leaderships and the peoples.

In an address before the cabinet, the Pakistani Prime Minister clarified the current financial situation, stating: “We have repaid our mandatory external debts (amounting to approximately $3.5 billion in bilateral loans). Our foreign exchange reserves are stable at their current level, and we have fulfilled our obligations and repaid our debts.”

These developments constitute a key pillar in Pakistan’s relationship with international institutions; the stability of liquid reserves at around $20.6 billion (including $15.1 billion held by the central bank) contributes to strengthening Islamabad’s negotiating position with the International Monetary Fund. Pakistan’s success in repaying its bilateral debts, alongside adherence to the requirements of the Fund’s financing program, is seen as a vote of international confidence in the Pakistani economy’s ability to meet its immediate and future financial commitments.

The central bank indicated that its success in managing the outflows required to repay these billions was achieved without causing any shock to the value of the local currency, as the Pakistani rupee remained stable thanks to supportive deposits and cautious monetary policies.

For his part, Sharif explained that this repayment did not come at the expense of monetary stability; rather, it resulted from a coordinated plan between the Ministry of Finance and the central bank to ensure that foreign exchange reserves remained at safe levels, which strengthens Pakistan’s position in its ongoing negotiations with international financial institutions.

Regarding the role played by the Kingdom in securing this financial passage, the Prime Minister expressed his country’s deep appreciation, saying: “We are extremely grateful to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness Crown Prince Mohammed bin Salman; they played a pivotal role in this matter. I am confident that these major issues will also be resolved, and Pakistan’s peace efforts continue uninterrupted and without relent.”

Sharif noted that this Saudi support was not merely temporary financial assistance, but rather a reflection of the depth of historical ties, adding: “Just as we have strengthened mutual cooperation by removing obstacles at both the joint and institutional levels, positive results have emerged from this.”

It is worth noting that this new Saudi move is not unprecedented. In 2018, the Kingdom provided a $6 billion support package, which included a $3 billion deposit in the State Bank of Pakistan, in addition to deferred oil payment facilities of the same value.

Business

New Shipping Service Connects Jeddah Islamic Port with China, Malaysia and Egypt

Jeddah Islamic Port (Mawani)
Jeddah Islamic Port (Mawani)
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New Shipping Service Connects Jeddah Islamic Port with China, Malaysia and Egypt

Jeddah Islamic Port (Mawani)
Jeddah Islamic Port (Mawani)

The Saudi Ports Authority (Mawani) has announced the addition of China United Lines’ new SGX shipping service to Jeddah Islamic Port, enhancing the Kingdom’s connectivity with global markets, improving supply chain efficiency, and supporting trade flows through the Red Sea- one of the world’s most important maritime routes.

The new shipping service connects Jeddah Islamic Port with the ports of Shanghai and Nansha in China, as well as ports in Malaysia and Egypt, with a capacity of up to 2,452 TEUs.

This initiative forms part of Mawani’s ongoing efforts to improve the Kingdom’s performance in global logistics indicators, strengthen national exports, and support the objectives of the National Transport and Logistics Strategy, which aims to position Saudi Arabia as a global logistics hub and a key link between three continents.

Business

Saudi Trade Offices Contribute to Creating 2,221 Export Opportunities, Securing 393 New Investments

King Abdullah Economic City port (Economic Cities and Special Zones Authority)
King Abdullah Economic City port (Economic Cities and Special Zones Authority)
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Saudi Trade Offices Contribute to Creating 2,221 Export Opportunities, Securing 393 New Investments

King Abdullah Economic City port (Economic Cities and Special Zones Authority)
King Abdullah Economic City port (Economic Cities and Special Zones Authority)

Saudi Arabia’s General Authority of Foreign Trade said Saudi commercial attachés contributed to creating 2.221 export opportunities and secured 393 new investment opportunities, underscoring efforts to expand the Kingdom’s global economic footprint.

The gains came alongside measures to protect domestic industry, including four anti-dumping investigations and five decisions imposing protective duties on imports to ensure fair competition and support Saudi exports abroad.

Established in 2019 as an independent authority, the body is tasked with advancing Saudi trade interests internationally and supporting economic development under Vision 2030.

According to a recent authority report seen by Asharq Al-Awsat, the agency held 25 meetings of its main negotiating team involving Saudi government entities, 75 meetings of related subcommittees and 149 meetings of Gulf technical negotiating teams. It also conducted seven rounds of negotiations between Gulf Cooperation Council states and trade partners.

International Partnerships

The authority carried out 38 overseas visits, participated in or prepared for 39 international forums and conferences, and held 305 technical meetings with domestic and foreign entities.

It launched four anti-dumping investigations into imports, prepared 182 economic reports to support companies and took part in seven international investigations to defend Saudi exports. It also issued five anti-dumping duty decisions covering imports of several products.

The report said the authority continued negotiations with a number of countries to support non-oil exports - goods and services - by securing preferential access to global markets, encouraging and protecting investment, strengthening supply chains and advancing free trade agreements with major economies and blocs.

Diversification Push

The authority said the efforts align with Vision 2030 goals to diversify the economy and strengthen Saudi Arabia’s position in global trade, adding that it was pressing ahead with trade policies aimed at widening the reach of Saudi exports and opening new markets, reinforcing the Kingdom’s ambition to position itself as a global trade hub.

The authority also said it was working with public and private sector partners to develop a more flexible and competitive external trade system while adopting international best practices in trade regulation.

The efforts form part of broader plans to boost the competitiveness of Saudi exports, improve efficiency and build a sustainable, diversified economy in line with the Kingdom’s foreign trade ambitions.