Business executives from Saudi Arabia and Egypt agree to boost economic ties

Saudi, Egyptian businessman at a Business Forum in Cairo on Nov. 27, 2018. (Supplied photo)
Updated 30 November 2018
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Business executives from Saudi Arabia and Egypt agree to boost economic ties

RIYADH: The Council of Saudi Chambers (CSC) and the Federation of Egyptian Chambers of Commerce (FECC) have agreed a joint strategy to boost economic cooperation between the countries.
The CSC said that a high-level delegation took part in a Saudi-Egyptian Business Forum in Egypt, coinciding with a visit to Cairo by Crown Prince Mohammed bin Salman, during which the development of bilateral economic relations was discussed. Opportunities for cooperation in joint projects in Africa were also explored, along with ways for the two chambers to share their experiences in the areas of technical aid, finance, entrepreneurship and training.
The joint plan also includes the promotion of Saudi tourism in Egypt and a mechanism to help solve problems experienced by investors in both countries, and to enable the participation of Saudi businesses in the Egyptian Investment Conference next February.
The forum was organized under the patronage of Saudi Minister of Commerce and Investment Majid bin Abdullah Al-Qassabi and Egyptian Minister of Electricity and Renewable Energy Mohammad Shaker.
Al-Qassabi praised the Kingdom’s efforts to create a better environment for investment between the two countries, while Shaker said the electricity sector in Egypt is growing at an accelerated rate, which offers many investment opportunities.
CSC Chairman Sami Al-Obaidy said that Egypt represents a major economic opportunity for the Kingdom, and that trade between the two countries grew to about $7.2 billion in 2017.
The Kingdom ranks first in terms of Arab investments in Egypt, with more than 2,900 projects worth more than $27 billion, of which the Saudi contribution exceeds $5.7 billion.


Forum explores Makkah’s investment potential

Updated 15 min 31 sec ago
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Forum explores Makkah’s investment potential

  • Pilgrimage services, solar power infrastructure and private investment on top of agenda
MAKKAH: The second Makkah Economic Forum kicked off on Saturday at the Hilton Jabal Omar, led by the governor of Makkah, Prince Khalid Al-Faisal.
Prince Khalid welcomed delegates, including government ministers, business figures and other members of the royal family, to the forum, which runs until March 26.
He then chaired a ministerial session held to discuss housing, hospitality, business development and infrastructure in Makkah, attended by the ministers of commerce and investment, justice, labor and social development, housing and Hajj and Umrah.
The president of the forum’s executive committee, Dr. Hisham Al-Faleh, stressed that the committee was keen to focus on sustainable development programs, and on building a solid foundation for an integrated partnership between the public and private sectors in line with Vision 2030 to strengthen the local economy.
Prince Khalid also signed four memoranda of understanding (MoU) on the forum’s opening day, the first of which concerned establishing the Islamic World Center in Al-Faisaliah Project.
The second MoU, signed on behalf of the Makkah Region Development Authority with the minister of energy, industry and mineral resources, Khalid Al-Falih, agreed to start implementing the early stages of the ministry’s Al-Faisaliah Solar Energy Project, including the installation of 2,600 MW of solar power capacity across the region.
Prince Khalid signed the third MoU with the minister of Hajj and Umrah, Dr. Mohammed Salih Bentin, over operating responsibilities for the Pilgrims Oasis complex in Makkah, and the fourth with Ibrahim Al-Omar, governor of the SAGIA, to promote domestic and foreign investment in the region.
Operating along this year’s theme, “Road to an Urban Future: Invest in Makkah,” the four-day event focuses on urban development, public services and infrastructure, transport and logistics, and innovation around the Hajj and Umrah.