Egypt and Saudi Arabia to Sign $1.5 Billion Agreements at Business Forum

Egypt and Saudi Arabia are set to sign agreements amounting to $1.5 billion at the forthcoming Egyptian-Saudi Business Forum in Cairo on 20 November. The agreements come as Egypt seeks to attract foreign investments, particularly from Gulf nations, to strengthen its depleting US dollar reserves. The Minister of Trade and Industry, Ahmed Samir, held talks with the Saudi Minister of Commerce, Majed Bin Abdullah Al Qasabi, on 19 November to enhance economic collaboration between the two countries across various sectors. Samir highlighted that Saudi investments in Egypt currently stand at $6.3 billion across multiple industries. This initiative aims to bolster economic ties and increase bilateral trade volume between the two nations.