Saudi Arabia has more than doubled its issuance of investment licenses to Egyptian businesses in 2024, marking a significant increase in economic cooperation between the two countries, according to a senior official. Al-Falih highlighted Egypt’s growing role as a key economic partner. The event, organized by the Federation of Chambers, underscored the robust trade relationship between the nations. In 2022, Saudi exports to Egypt reached $6.44 billion, while Egypt’s exports to the Kingdom amounted to $2.35 billion, according to the Observatory of Economic Complexity.
“In 2024, the number of investment licenses granted to Egyptian businesses grew by over 100 percent compared to the previous year, creating more than 80,000 jobs in Saudi Arabia,” Al-Falih stated.
The minister also emphasized Egypt’s importance to the Kingdom across various sectors, including tourism, transportation, infrastructure, real estate, agriculture, energy, and information technology.
He stressed that collaboration between Saudi Arabia and Egypt, leveraging their competitive advantages, will drive regional economic growth. He also noted the relevance of this partnership in light of global economic trends, such as the evolution of global supply chains, environmental preservation, and emerging sectors like information technology and artificial intelligence.
Al-Falih further explained that Saudi investors not only contribute capital to Egypt but also partner with international companies investing in both the Kingdom and other global markets. “We aim for Egypt to be an extension of Saudi investments, tapping into its strategic market and benefiting from the free trade agreements it holds,” he concluded.
During the meeting, Egyptian Prime Minister Mostafa Madbouly highlighted that Saudi Arabia remains the top destination for Egyptian expatriates. He also outlined Egypt’s ambitious plan to increase its exports from $35 billion to $145 billion.
Madbouly reaffirmed Egypt’s commitment to addressing the challenges faced by Saudi investors, stating that many issues have been resolved and efforts are ongoing to tackle remaining concerns. He also mentioned new incentives, such as the golden license, aimed at attracting further Saudi investments.
Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, who was also present at the meeting, reiterated the importance of addressing investor concerns. “We understand the challenges investors face and are working to resolve them,” he said.
El-Khatib concluded by emphasizing the need for a clear investment policy that prioritizes the competitiveness of the Egyptian economy at its core.
