Egyptian businesses seek to expand investments in Saudi Arabia over 5 years

Around 90% of Egyptian businesses are expected to increase their trade with Saudi Arabia over the next five years, according to an emailed HSBC report.

In line with Saudi Vision 2030’s objectives to diversify the Kingdom’s economy, Egyptian businesses selected technology (41%) and energy and renewables (35%) as the two major industries to invest in.

It is worth noting that Egyptian businesses running business in the Kingdom rank foreign ownership restrictions (31%) and market competition (31%) as the top barriers to scaling their investments.

Commenting on the report, Todd Wilcox, HSBC Bank Egypt Deputy Chairman and CEO, said: “Egypt continues to strengthen its strategic economic partnership with Saudi Arabia, as more than 7,0001 investment licenses have now been granted to Egyptian companies operating across the Kingdom in high-growth sectors such as infrastructure, technology and food production.”

He added: “The recent Saudi-Egyptian Investment and Promotion Agreement marks a critical milestone, offering investors from both countries enhanced legal safeguards, improved capital mobility and greater certainty as they expand their footprints. This presents a new phase of collaboration that is clearly reflected in the report insights.”