The recent visit underscored a mutual determination to deepen economic collaboration, with Saudi Arabia planning to lead investments in Egypt worth $30 billion. These investments are anticipated to span multiple critical sectors, including infrastructure, real estate, healthcare, financial services, agriculture, and manufacturing. The aim is to harness the potential of Egypt’s growing market and align with both nations' long-term economic visions.
The launch of the Saudi Egyptian Investment Company (SEIC) is a testament to this commitment. SEIC, established by Saudi Arabia’s Public Investment Fund (PIF), is set to invest in promising sectors within Egypt. This initiative aligns with PIF’s strategy to explore new investment opportunities in the MENA region, fostering sustainable returns and diversifying Saudi Arabia’s economy in line with Vision 2030. SEIC’s focus will be on sectors like infrastructure, healthcare, and real estate, among others, driving substantial economic benefits for both countries.
Additionally, Saudi Arabia’s Deputy Minister of Planning and Economic Development, Ahmed Kamail, confirmed that Saudi investments in Egypt have already reached $32 billion. This substantial financial engagement signifies a strategic push towards enhancing bilateral trade and investment. In the first half of the fiscal year 2022/2023 alone, Saudi Arabia emerged as the largest investor in Egypt, with investments totaling $2.1 billion.
Trade between the two nations has also seen a significant rise, with the volume of trade increasing by 13.5% in 2022, amounting to $10.3 billion. This growth reflects the thriving economic relationship and the shared vision of both countries to advance their economic agendas through collaborative efforts.
In conjunction with economic investments, Saudi Arabia and Egypt are also set to co-host significant events such as the Middle East Green Initiative Summit and the Saudi Green Initiative Forum. These events will be held in Sharm El Sheikh alongside the UN Conference of Parties on Climate Change (COP27), scheduled from November 7 to 18. Such initiatives further cement the comprehensive partnership between the two nations, extending beyond economic ventures to include environmental and sustainable development goals.
The unity displayed during these high-level engagements underscores the strategic importance of the Saudi-Egyptian relationship. Both nations are keen on maintaining a common stance on regional and international issues, reinforcing their bilateral cooperation to address shared challenges and leverage mutual opportunities.
Egypt's reaffirmed support for Saudi investments marks a significant milestone in the countries' economic partnership. With strategic initiatives and substantial financial commitments, both nations are poised to achieve enhanced economic growth and regional stability through their strengthened alliance.
