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Private sector investments in Egypt witnessed a remarkable 500% surge in 2023, underscoring the growing confidence of Saudi investors in the Egyptian market
Saudi Arabia and Egypt are set to sign an energy efficiency agreement, under which the Kingdom will share its expertise with Egyptian entities to enhance energy efficiency practices, according to a statement by Saudi Arabian Minister of Energy, Abdulaziz bin Salman Al Saud.
Al Saud added that bilateral trade between Saudi Arabia and Egypt reached SAR 46 billion by the end of 2024, reflecting the robust economic partnership between the two nations. The investment landscape continues to thrive, with 7,400 Saudi companies currently investing in Egypt and 5,000 Egyptian companies operating in Saudi Arabia.
Private sector investments in Egypt witnessed a remarkable 500% surge in 2023, underscoring the growing confidence of Saudi investors in the Egyptian market. Earlier in December, Prime Minister Mostafa Madbouly visited Badr City to inspect the progress of the Egypt-Saudi Arabia electricity interconnection project. This project is a model for integration and cooperation in the energy sector, and it reflects the strategic vision of both Egypt and Saudi Arabia, said Madbouly.
The Egypt-Saudi Arabia electricity interconnection consists of three high-voltage substations: one in eastern Saudi Arabia, another in Tabuk, and a third in Badr City, east of Cairo.
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These substations will be connected by 1,350 kilometres of overhead power lines, as well as marine cables. The project is being implemented by a consortium of three global companies, with completion expected by next summer.
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