Egyptian Minister of Trade and Industry Ahmed Samir met on Thursday with officials of two Saudi companies: one specialised in energy and desalination and the other in food industries.
Both companies discussed plans for expansion in Egyptian within the coming period.
The first meeting reviewed the activities of the Saudi energy and desalination firm, which is one of the world’s major companies investing in power-generation plants. The company, which started operations here in 2015, now has investments in Egypt worth $2billion. The company seeks to increase its investments in Egypt to $12 billion.
Samir pointed out that this company, which is co-operating with the Ministry of Electricity and Renewable Energy, had establishing three solar power plants in Benban Solar Park in Aswan. It has also signed numerous agreements including one for establishing a $1.5 million wind farm in the Gulf of Suez in addition to an agreement to produce green hydrogen in the Suez Canal Economic Zone.
During his second meeting with the Saudi food industries firm, the minister said the company wants to expand in new food industries.
This company has many branches regionally and internationally, and is considered of the largest companies investing in food industries in Egypt, contributing to meeting the needs of the local market and providing thousands of job opportunities for youth.
Samir stressed his ministry’s keenness to attract further Saudi investments in the Egyptian market by benefiting from a package of incentives recently introduced by the state for attracting foreign direct investments.
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