Egyptian trade minister: Saudi Arabia’s funding in Egypt reaches USD6.12B
Date
12/27/2022 1:10:09 AM
(MENAFN) Saudi Arabia is the second biggest investor in Egypt, with USD6.1 billion funded into 6,017 ventures, in line with the north African nation’s Minister of Trade and Industry Ahmed Samir.
The trade minister declared that the funding number throughout his trip to Riyadh on the 25th of December, where he held a meeting with Saudi ministers and senior representative to grow two-sided relations among the two nations.
As said by Samir, Saudi Arabia’s funds in Egypt span through numerous sectors such as industry, construction, tourism, agriculture, services, economics, communications as well as information technology.
The trade minister also mentioned that trade exchange among Egypt and Saudi Arabia increased to 41.3 percent on a yearly basis to USD4.572 billion last year, in comparison with USD3.236 billion with the year before (2020).
Previously in August, Saudi Arabia’s Public Investment Fund started the Saudi Egyptian Investment Company, targeted at funding in promising Egyptian industries and expanding PIF’s investment footprints in Africa.
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