According to Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), the agreements negotiated between Egypt and Saudi Arabia mark a qualitative shift in the two sides’ investment ties.
On Tuesday, 14 contracts worth a combined $7.7 billion were signed in a signing ceremony hosted by GAFI. The agreements are in the areas of infrastructure, logistics, port management, the food and beverage industry, pharmaceuticals, conventional and alternative energy, e-payment, digital financial services and information solutions.
The Saudi Research and Development Company, “T2”, has signed a cooperation agreement with the Egyptian company “Fawry” to develop the technology used in financial transactions, to facilitate trade exchange procedures between the two countries.
Khazna and Khawarizmi ventures also signed an investment agreement with the aim of expanding to the Kingdom of Saudi Arabia and providing their electronic financial services to the workforce in the Kingdom.
Another agreement was signed between Saudi Minister of Information and the Chairman of the Supreme Council for Media Regulation, to ensure cooperation between the two countries in the fields of journalism, radio and television, dramatic production and digital media.
These agreements were not limited to the financial technology and media sector only. The Akwat Food Industries and Halawani companies also signed a memorandum of understanding to grant the Egyptian company the rights to manufacture Akwat / Al-Baik products in Egypt, and Jamjoom Pharma announced the opening of the Jamjoom Pharma factory in Egypt.
At the ceremony, GAFI Chairman emphasized that there are more than 2,700 chances for investment in Egypt’s various economic sectors.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.