Egypt to open Saudi investment office in Cairo

“We agreed with Saudi Arabia to pump new investments in Egypt since we prioritize the Kingdom’s investments in the country,” CEO of GAFI Hossam Heiba told Asharq Business after meeting with the Saudi Minister of Investment Khalid Al-Falih on Monday.

Heiba added that GAFI is currently planning to open similar offices for countries that have major investments in Egypt. 

He also pointed out that the number of Egyptian companies established in Saudi Arabia has increased to 4,000 companies.

In a recent statement, Minister Al-Falih announced that Saudi Arabia aims to convert its deposits in the Central Bank of Egypt (CBE) into investments in the country.

According to the CBE, Saudi Arabia’s deposits are worth $10 billion, $5.3 billion of which are reimbursable by the end of October 2026.

Saudi investments in Egypt recorded $6.3 billion across 7,444 projects in sectors of industry, construction, tourism, services, and telecommunications, among others, according to official figures released in November 2023.

According to a report published by the Saudi Ministry of Investment in June 2024, Egyptian companies secured a 30 percent share of investment licenses issued by the ministry in the Kingdom in the first quarter of this year, capturing 950 out of 3,157 licenses.

Meanwhile, Egypt and Saudi Arabia are currently in the negotiation phase of signing an agreement to encourage and protect investments, with both parties aiming to complete the agreement before the end of August, according to a recent statement by the Egyptian investment and external trade ministry.

He also added that Egypt aims to sign a bilateral agreement with Saudi Arabia to protect and encourage investments between both countries before the end of the month.