Chairman of the Egyptian-Saudi Business Council: The two countries are preparing to sign important agreements

Commenting on the Saudi Crown Prince’s visit to Egypt, Abdel Hamid Abu Musa, head of the Egyptian-Saudi Business Council, said he expects to sign a series of important agreements between the two countries on Tuesday.

In a televised interview on Monday, he explained that the investments included in these agreements cover all areas of electricity, transport, industry, agriculture and all areas of the economy, since Egypt represents a very huge market for Saudi Arabia with a population of over 100 million people.

Abu Musa noted that Saudi Arabia at the Arab level ranks first in terms of investment in Egypt, and at the global level it ranks second after the UK.

He stated that Egypt and Saudi Arabia make up 34% of the region’s population, and the national income of both is 39% of the gross domestic product of the countries of the region combined, given that “these indicators give them a relatively large weight and weight at the level of the region, which constitutes an important axis “.

He pointed out that Saudi investments in Egypt are of great importance, amounting to $54 billion, distributed over 5,300 projects and are not concentrated in one sector, but include a large number of sectors.

He explained that Saudi Arabia has supported Egypt in recent years since the June 30 revolution at all stages, up to the latest deposits, which were placed with the Central Bank of Egypt in the amount of $5 billion, in addition to another approximately $5 billion. which will be directed to direct investment during the year.

He said that these direct investments are of great importance to the Egyptian economy because they represent employment and export opportunities, while hot money cannot be dependent on the real economy and it goes in and out without being added to the Egyptian economy. .

Source: The Seventh Day

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