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  • Updated: June 22, 2022

Saudi Arabia To Lead Investments Of $30 Billion In Egypt

Saudi Arabia intends to lead investments worth $30 billion in Egypt, said a joint Saudi-Egyptian communique issued on Tuesday.

Earlier, Egypt and Saudi Arabia signed 14 agreements valued at $7.7 billion, Saudi state-run Al-Ekhbariya disclosed.

"Fourteen investment agreements worth more than 29 billion riyals ($7.7 billion) were signed between a group of leading Saudi companies in various economic activities and several Egyptian companies and authorities."

The Saudi investment ministry added that the agreements aimed to enhance investment and economic cooperation between the two countries.

This is as trade between the countries leapt more than 62% last year compared with 2020, reaching $9.1 billion.

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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo is a reporter, sports column writer, opinion and profile writer. He tweets via @...

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