GAFI CEO: The agreements represent a quantum leap in the investment relations between the two countries … Saudi investments add more value to the Egyptian economy.
The Golden License is granted to companies launching strategic or national projects ... Facilities are given to investors in course of acquiring lands.
Officials from the General Authority for Investment and Free Zones (GAFI) witnessed the signing of 14 agreements between a group of governmental and private agencies in the Arab Republic of Egypt – on the one hand – and – on the other hand – their counterparts in Kingdom of Saudi Arabia. The agreements constitute a value of USD 7.7 billion invested in the following sectors: infrastructure; logistics; port management; food industries; manufacturing; pharmaceuticals; unrenewable and renewable energy; electronic payment systems; financial services and information technology solutions.
Saudi investment groups and Egyptian governmental and private agencies signed the agreements in the presence of Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy; Dr. Hala al-Saeed, Minister of Planning and Economic Development; and Counselor Mohamed Abdel Wahab, GAFI CEO.
On the Saudi side, the signing ceremony was witnessed by the Ministers of Commerce and Investment; the Chairman of the Board of Directors of the Federation of Saudi Chambers, the Chairman of the Egyptian-Saudi Business Council, in addition to representatives of more than 60 Saudi agencies and companies.
GAFI CEO indicated that the agreements signed today represent a qualitative shift in the investment relations between the two countries, not only in terms of material value, but also in terms of the added value to both countries' economy, to support the infrastructure, logistics and technological services sectors, thus developing the capabilities of the Egyptian economy. He stressed that organizing this significant event is a reflection of the strong historical and economic relations that bind the two brotherly countries, adding that the "State Ownership Policy Document" announced by Dr. Mostafa Madbouly, the Prime Minister, affirmed the State's keenness to create equal opportunities, strengthen competition mechanisms and empower the private sector, and that is what we are reaping now.
Counselor Mohamed Abdel Wahab explained that GAFI will do its
role to support Saudi investment projects and to eliminate various challenges, as the golden license will be granted to companies incorporated to set up strategic or national projects, in addition to providing various facilities with regard to land obtainment procedures. Moreover, Saudi investors will be provided with the necessary information regarding the new investment opportunities available on Egypt's investment map, which includes more than 2,700 investment opportunities in various economic sectors.
The agreements included an agreement on generating and transmitting electricity from wind energy signed by ACWA Power with the Egyptian Electricity Holding Company to produce and generate clean energy from wind energy technology with an installed capacity of 1100 megawatts
Al-Fanar International Development Company also signed two agreements, the first with the Arab Organization for Industrialization to produce wind energy and green hydrogen, and the second agreement with Bunya Group in the field of information technology and digital solutions.
"Ajlan & Brothers" Holding Group signed several investment agreements, in the fields of petroleum products, infrastructure, renewable energy, logistics, food industries, food security, pharmaceuticals, automotive industry, and the entertainment industry with the Egyptian side. The agreements were signed on the Egyptian side by the representatives of "Sami Saad" Holding, "Triangle Group", "Magrabi Agriculture", "Pharco Pharmaceuticals Inc.", "Hassan Allam" Holding, "The Arab Group for Supply Chains", and "ARISE Ports & Logistics" , to develop finance and operate a multi-purpose terminal in Damietta Port.
Meanwhile, "T2" signed an investment agreement with "Fawry" for banking and e-payments technology to enhance financial technical solutions to serve the movement of trade exchange and remittances between the two countries.
In the same field, "Khwarizmi Ventures" and "Khazna" signed an investment agreement with the aim of expanding in the Kingdom of Saudi Arabia and providing mobile financial services to the workforce in the Kingdom.
With regard to food industries, "Aquat" food industries and "Halwani Brothers Egypt" signed an MoU in order to grant the Egyptian company the rights to manufacture "Aquat" products; "Albaik", in Egypt.
In the medical and pharmaceutical sector, "Jamjoom Pharma" announced the inauguration of "Jamjoom Pharma" factory in Egypt.
Furthermore, the signing ceremony between the two sides witnessed the signing of an executive program agreement for cooperation in the media field between the Saudi Minister of Media and the Chairman of the Supreme Council for Media Regulation, within the framework of strengthening bilateral cooperationbetween the two sides in the fields of press, radio, television, drama production and digital media.