Kingdom of Saudi Arabia to Sign USD 1.5 Billion Agreement With Egypt

The Kingdom of Saudi Arabia plans to sign a USD 1.5 billion agreement with the government of Egypt during the Egyptian-Saudi Business Forum, which is taking place on November 20th in Cairo. The forum is expected to facilitate investment and trade opportunities between the two nations.

The agreement reflects Egypt's efforts to attract foreign investments, particularly from the Gulf region. Egypt and Saudi Arabia have maintained a growing trade exchange, which saw a 13.5% increase in 2022.

In July 2023, the two countries signed a memorandum of understanding to increase the development of non-oil exports between them.