Saudi Gazette report

CAIRO — The Kingdom of Saudi Arabia and Egypt has signed on Tuesday 14 investment agreements worth more than SR29 billion ($7.7 billion).

In presence of the Minister of Commerce Dr. Majid Al-Qasabi and the Minister of Investment Khalid Al-Falih, the agreements were signed between a group of leading Saudi companies in various economic activities and a number of Egyptian companies and authorities.

The agreements that were signed between Saudi Arabia and Egypt embody the growing economic relations and common goals between the two countries, the Ministry of Investment affirmed.

Al-Falih confirmed that the Ministry of Investment's role comes as a support and facilitation to involve the private sector to participate in developing the economic sectors.

He added that the ministry's role will also enhance the overcoming of all the challenges it may face, as well as encourage its investments inside and outside the Kingdom.

Dr. Al-Qasabi, during his opening speech at the signing ceremony of the investment agreements for the private sector, praised the strength and depth of Saudi-Egyptian relations and firm ties.

The head of Saudi side in the Saudi-Egyptian Joint Business Council Bandar Al-Amiri noted during an interview with Al-Ekhbariya, that most of the agreements signed between the two countries are in the field of energy and manufacturing.

Al-Amiri said that he expects future investments of $5 billion between Saudi Arabia and Egypt.

Meanwhile, the Chairman of the Board of Directors of the Egyptian "Pharco" Pharmaceutical Company indicated that the Pharco Company would start work by establishing a drug city in Saudi Arabia with investments amounting to $150 million (SR562 million).

The Pharco Company is considered as the one of the dominant players in the pharmaceutical industry,

It is noteworthy that the agreements that were signed coincide with the current visit of Crown Prince Mohammed Bin Salman to Egypt, as part of a regional tour that also includes Jordan and Turkey.