Saudi Finance Minister Addresses Impact of Egyptian Economy

The Kingdom of Saudi Arabia has announced its intention to invest more in Egypt in the coming period, which confirms the promising potential offered by the Egyptian investment market.

“We have already invested” money in Egypt, Saudi Finance Minister Mohammed al-Jadaan said at a conference in Riyadh, adding that the kingdom’s track record speaks for itself.

Muhammad Al-Jadaan, Saudi Arabia’s finance minister, praised Egypt’s promising opportunities, especially population, natural resources and opportunities, stressing that Egypt has what it takes to become a great economic nation.

Al-Jadaan announced earlier during the announcement of Saudi Arabia’s overall budget for the fiscal year 2023/2024 that the Kingdom is looking to increase its investments in Egypt and Turkey.

Al-Jadaan confirmed that Saudi Arabia began investing heavily in Egypt after the Kingdom of Saudi Arabia made a $5 billion deposit in Egypt.

Last year, the kingdom provided $15 billion to support Egypt, including $5 billion in deposits with the Egyptian Central Bank, and another $10 billion to buy shares in companies listed on the Egyptian stock exchange.

Source: agencies

Related Stories

Leave a Reply