A Saudi investment delegation, including officials from the Saudi Ministries of Investment, Municipalities and Housing, and the Saudi Contractors Authority, met in Cairo on Tuesday with Hossam Heiba, head of Egypt’s General Authority for Investment and Free Zones (GAFI).
The Egyptian Federation for Construction and Building Contractors also had representatives at the meeting.
Heiba emphasised the significant opportunities for investment collaboration between Egypt and Saudi Arabia, particularly within the booming construction sector in both nations.
Heiba also highlighted the potential for joint ventures in African markets, leveraging Egypt’s advantageous trade agreements and established relationships. He noted that the expanding Saudi market offers Egyptian companies a chance to grow and gain expertise. Concurrently, Saudi investments in Egypt’s construction sector are increasingly focused on sustainable development with a high local input.
Mohamed Abdul Rahman Aba Hussein, Undersecretary of the Saudi Ministry of Investment, said the recently signed investment protection agreement between the two countries is expected to boost investment flows.
He invited Heiba to attend the Future Projects Forum in Riyadh, due in September, where major Saudi projects will be presented to potential investors.
Aba Hussein called for a joint strategy to further develop the construction sector in both countries.
He said that the Saudi Investment Marketing Authority had issued 7,000 licenses to Egyptian businesses in Saudi Arabia, creating 80,000 jobs.
Mohamed Sami Saad, head of the Egyptian Federation of Construction and Building Contractors, emphasized that connecting the construction sector with educational institutions in both Egypt and Saudi Arabia will be crucial for workforce development, a vital element in supporting the industry’s continued growth.
