Egypt, Saudi Arabia set to sign $1.5 billion agreements during upcoming business forum

Al-Hokair added that a delegation from the council will attend the forum to facilitate the exchange of investment and trade opportunities between the two countries.

He also commended the Egyptian government's efforts to overcome challenges faced by Saudi investors, acknowledging the remarkable achievements Egypt has made in the face of global economic challenges.

Highlighting historical relations between Egypt and Saudi Arabia, Al-Hokair emphasized the complementary nature of their economies and investment sectors.

Mutual cooperation enhances investment opportunities for both countries, he stated to the press.

These recent advancements align with Egypt's broader objective of attracting foreign investments, particularly from Gulf countries, to strengthen its dwindling US dollar reserves.

To achieve this goal, Egypt has been offering state-owned assets through its IPO programme, offering strategic investors with stakes in 35 state-owned companies.

Over the years, Egypt and Saudi Arabia have maintained warm relations in various fields, including politics, economics, and security. They have consistently coordinated on regional issues, further deepening their ties.