The Saudi Minister of Commerce, Majed Al-Qasabi, revealed that 14 agreements were signed between Egypt and Saudi Arabia, worth 7.7 billion dollars (29 billion riyals).
This came on the sidelines of the visit of Saudi Crown Prince Mohammed bin Salman to Egypt, as part of his tour that also included Jordan and Turkey.
The signed agreements are divided into several areas, including petroleum, renewable energy, green hydrogen, information technology, e-commerce, pharmaceuticals, infrastructure and cybersecurity. The signed agreements and memoranda of understanding also covered sectors including infrastructure, logistics, port management, food industries and the pharmaceutical industry.
Among the most prominent signed agreements, Ajlan Bros. Company and the Arab Group for Supply Chains signed an agreement to build the Egypt Petroleum Storage Center at a value of 12.2 billion riyals. ACWA Power signed an agreement with the Egyptian Electricity Holding Company on a project to produce and generate 1,100 megawatts of clean energy at a value of 4.8 billion riyals.
Ajlan & Brothers Company and Sami Saad Group signed an agreement to invest in the fields of renewable energy and water desalination at a value of 3.75 billion riyals. The Group also signed an agreement with Hassan Allam Company to inject investments in the real estate development and food industry sectors at a value of 1.45 billion riyals.
Egypt and Saudi Arabia issued a joint statement at the conclusion of the visit of Saudi Crown Prince Mohammed bin Salman to Egypt. Where the two sides agreed to strengthen the economic, investment and trade partnership between the two countries, and move it to broader horizons to live up to the strength of the historical and strategic relationship between them by achieving integration between the opportunities available through the Kingdom’s Vision 2030 and Egypt’s Vision 2030.
The two sides announced their intention to increase the pace of investment cooperation and trade exchange and stimulate partnerships between the private sector in the two countries. It was also announced the Kingdom of Saudi Arabia's intention to lead investments in Egypt amounting to 30 billion dollars.
The two sides expressed their keenness to promote increased investments between the two countries and to intensify communication between the private sector to discuss investment and commercial opportunities and facilitate any difficulties.
Source (Al-Arabiya.net Website, Edited)
