According to Mohamed Abdel Wahab (CEO of the General Authority for Investment and Free Zones), agreements signed between Egypt and Saudi Arabia constitute a qualitative transfer between investment relations between the countries.
Abdel Wahab stated that these agreements will help support the infrastructure, logistics, technology sectors. This is a way to expand the capabilities of Egypt’s economy.
Fawry for Banking Technology and Electronic Payments also signed an agreement for investment with T2, the Business Research and Development Company. This agreement will allow for the development of financial technology solutions for trade and remittances.
Khazna Investments and Khwarizmi Ventures signed an investment agreement to increase their presence in Saudi Arabia’s Kingdom of Saudi Arabia. They also intend to provide mobile financial services to its workforce.
Aquat Food Industries signed a memorandum with Halawani Misr to allow Egypt to manufacture Aquat/Al-Baik food products in Egypt.
Jamjoom Pharma has announced that the Jamjoom Pharma Egyptian factory will be inaugurated in the medical and pharmaceutical sectors.
Signing ceremony between the sides saw the signing of the Executive Program Agreement for Cooperation in the Media Field by the Saudi Minister for Information and the Chairman, Supreme Council for Media Regulation. This is intended to increase bilateral cooperation in the areas of radio, television, drama, and digital media.