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Egyptian, Saudi private firms ink $7.7bn deals

Egyptian, Saudi private firms ink $7.7bn deals
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Cairo – Mubasher: The value of mutual agreements signed between private sector companies in Egypt and Saudi Arabia amounted to nearly $7.70 billion, Majid bin Abdullah Al Qasabi, the Saudi Minister of Commerce, noted.

Egyptian and Saudi private firms have penned 14 memoranda of understanding (MoU) in several fields; petroleum, renewable energy, green hydrogen, information technology (IT), electronic commerce (e-commerce), pharmaceuticals, infrastructure, and cybersecurity.

It is worth noting that around 802 Egyptian companies invested $5 billion in the Saudi market, while $32 billion worth of investments were pumped in Egypt through 6,800 Saudi companies.