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Saudi Businessmen to Asharq Al-Awsat: Egypt Turned Into a Hub for Regional Investment

Egyptian-Saudi Business Council meeting in Cairo (Asharq Al-Awsat)
Egyptian-Saudi Business Council meeting in Cairo (Asharq Al-Awsat)
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Saudi Businessmen to Asharq Al-Awsat: Egypt Turned Into a Hub for Regional Investment

Egyptian-Saudi Business Council meeting in Cairo (Asharq Al-Awsat)
Egyptian-Saudi Business Council meeting in Cairo (Asharq Al-Awsat)

Several Saudi businessmen said that the measures Egypt has taken to improve the investment climate and remove obstacles for investors increase the attractiveness of foreign investments.

They explained that Egypt's economic revenues have been among the best in the region, making it a hub for investment.

Chairman of the Board of Directors of al-Zamil Steel Industries Abdulrahman al-Zamil said that the situation is different in Egypt in all aspects, describing it as a welcoming investment base in the region.

Speaking to Asharq Al-Awsat on the sidelines of the Egyptian-Saudi Business Council in Cairo, Zamil addressed the recent government measures to solve the investors' problems.

On Tuesday, Egypt and Saudi Arabia signed investment partnership agreements and memoranda of understanding worth $7.7 billion distributed over ten economic sectors, on the sidelines of Saudi Crown Prince Mohammad bin Salman's two-day visit to Cairo.

Zamil explained that the company has been working in Egypt for 30 years with various operations, including iron industries and steel buildings.

"We have a factory in Cairo and another in Alexandria...The Cairo factory focuses on local supply, and Alexandria exports to Africa and other countries. I assure you that during those 30 years, we have not encountered any difficulties."

Forbes magazine ranked Zamil Group Holding 19th among the 100 most powerful Arab family businesses in 2021.

The chairman explained that the company has the same investments in Egypt, India, Vietnam, and the UAE. However, he said Egypt is one of the best areas for investments.

"We constantly look at investment opportunities in Egypt. Our priorities for foreign investment or increasing investment will be in Egypt,” he said.

Zamil suggested that the Egyptian government form a team or establish a specialized department to prepare integrated economic studies for specific projects in Egypt and invite local, Saudi, and other financiers to invest in these projects.

He explained that ready projects or ready-made opportunities with feasibility and revenue studies attract investors, noting that the Kingdom established a "very successful" Investment Development Authority 20 years ago for the same purpose.

Partner of NESCO Egypt for Tourism Maha al-Ateeqi said Egypt is currently going through a qualitative shift thanks to the measures taken by the authorities led by President Abdel Fattah El-Sisi.

"We are delighted with this and look forward to continuing and increasing investments in Egypt,” she said.

Ateeqi told Asharq Al-Awsat that the government's measures to improve the investment climate and solve investors' problems are distinguished in the current investment system.

She pointed out that "the Saudis have big investments in Egypt, mostly in the tourism sector, hotels, real estate development, commercial malls, and industry. It indicates the confidence of Saudi investors in the Egyptian economy’s resilience."

Member of the Saudi-Egyptian Business Council Enad al-Ajrafi believes Egypt is ready to invest in all economic sectors that interest businessmen after increasing opportunities through government facilities and unprecedented support.

Ajrafi told Asharq Al-Awsat that Egypt has a promising market, and investment aspects with Saudi Arabia are going forward and constantly developing.

He called on Saudi businessmen to increase their investments in Egypt, saying there is a great ambition to remove all obstacles facing investors.

"I also see a great ambition for Saudi investors to increase their investments in Egypt,” he said.

Meanwhile, the chairman of the Egyptian-Saudi Business Council, Abdel Hamid Abu Moussa, said there is close cooperation at the governmental and private levels in the two countries, resulting in the signing of 14 agreements worth close to $8 billion.

Abu Moussa pointed out that Saudi Arabia is the largest Arab investor in Egypt.

Regarding the problems facing investors, Abu Moussa told Asharq Al-Awsat that investment anywhere has its problems and Egyptian authorities care about foreign investment in general, and Saudi ones in particular.

"There is a strong interest at the highest level to address the complaints and a strong desire to solve them," he asserted, adding that most problems have already been resolved.

The chairman pointed out that the volume of current Saudi investments in Egypt may reach $53 billion in light of government measures to facilitate and improve the investment environment.

The state wants to increase the private sector's participation in projects to exceed 60 percent, he noted, adding that all this gives hope that many projects will be realized soon.

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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.