Saudi Arabia has significantly increased its issuance of investment licenses to Egyptian businesses, more than doubling in 2024, highlighting a growing economic partnership between the two countries.
During a meeting in Riyadh with Egyptian Prime Minister Mostafa Madbouly, Saudi Investment Minister Khalid Al-Falih emphasized Egypt’s vital role as a key economic partner. In 2022, Saudi exports to Egypt reached $6.44 billion, while Egyptian exports to Saudi Arabia were $2.35 billion.
“Investment licenses grew by over 100 percent in 2024, with Egyptian investors creating more than 80,000 jobs in Saudi Arabia,” Al-Falih stated.
He highlighted Egypt’s involvement in sectors like tourism, transportation, infrastructure, real estate, agriculture, energy, and IT, and stressed the mutual economic benefits of strengthened cooperation.
Al-Falih noted that collaboration between Saudi Arabia and Egypt, leveraging their competitive advantages, would boost regional economic growth amid global shifts in supply chains and emerging sectors like AI.
“Saudi investors will partner with international companies to extend investments in Egypt, benefiting from Egypt’s strategic market and free trade agreements,” he added.
Prime Minister Madbouly pointed out that Saudi Arabia is a primary destination for Egyptian expatriates and aims to increase Egyptian exports from $35 billion to $145 billion. He also mentioned efforts to resolve issues faced by Saudi investors and attract more investments with new incentives like the golden license.
Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, emphasized the importance of addressing investor challenges and developing a clear investment policy that enhances the competitiveness of the Egyptian economy.