RIYADH: Spending on infrastructure projects in Egypt has reached more than 1.7 trillion Egyptian pounds ( $100 billion) over the past seven years, said the Egyptian Minister of Planning and Economic Development, Hala Al-Saeed.
This helped to achieve economic growth rates of 5 percent before the pandemic and to reduce unemployment, she said.
The economic reform program adopted by the Egyptian government since late 2016, has supported the realization of Egypt’s Vision 2030, she told Asharq.
Now work is underway to implement the second phase of the economic reform program.
Egypt relied on the diversification of its economy to provide its foreign exchange resources, Al-Saeed said. Revenues from the Suez Canal, and remittances from Egyptians working abroad amounted to $29 billion last year, and are expected to reach $30 billion by the end of this year, she explained.
The state also relied on tourism revenues, which recorded the highest levels historically before the pandemic. Domestic tourism sector has been supported and workers in the sector have been vaccinated, according to the minister. Tourism revenues in Egypt are targeted to reach $8 billion by the end of this year, she explained.
The minister also chairs the Sovereign Fund of Egypt. One of its sub-funds targets the pharmaceutical sector and is currently working on establishing a pharmaceutical store that will be one of the largest strategic stores in the region.
Egypt invested $100bn on infrastructure in 7 years, says minister
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Egypt invested $100bn on infrastructure in 7 years, says minister
- The economic reform program adopted by the Egyptian government since late 2016, has supported the realization of Egypt’s Vision 2030
Saudi investment hits 32% of GDP, non-oil fixed capital reaches 40%, minister says
RIYADH: Saudi Arabia’s investment now accounts for 32 percent of gross domestic product, with non-oil fixed capital at 40 percent, according to the minister responsible for portfolio.
Speaking during his visit to the Shoura Council, Khalid Al-Falih said that foreign direct investment is expected to grow fivefold, signaling strong Vision 2030 progress.
“Regarding cumulative performance, the Kingdom has exceeded all expectations, achieving high levels of investment,” Al-Falih said, according to a video posted on Al-Ekhbariya’s X account focused on economic matters.
The minister added: “Today, investment accounts for 32 percent of the total GDP. In terms of non-oil GDP, fixed capital represents 40 percent, compared with 41 percent in China, the highest globally.”
If we take the non-oil GDP, he said, fixed capital will make 40 percent. “China is the largest globally with 41 percent. So, we will rank second if we compare it to the non-oil economy and fourth when measured against total GDP,” Al-Falih said.
He emphasized that the Kingdom offers an investment-attractive environment, noting that when focusing on foreign direct investment rather than overall investment, Saudi Arabia ranks among the world’s highest.
The minister of investment added that FDI is expected to grow fivefold by the end of 2025, though these data require confirmation, stressing that this is “a big indicator for the success of Saudi Vision 2030.”
During his address to the session, Al-Falih emphasized that Saudi Vision 2030 prioritizes economic diversification and reducing dependence on oil, through boosting the private sector’s contribution to inclusive economic development, supporting national sectoral priorities, and driving growth in the Kingdom’s GDP.
He highlighted key initiatives enabling the private sector, including the establishment of the Ministry of Investment and the Saudi Investment Promotion Authority, the launch of the “Shareek” program, the development of the National Investment Strategy, and linking all stakeholders in the investment ecosystem.
“The Cabinet’s adoption of the National Investment Strategy, launched by Crown Prince in 2021 and implemented in 2022 as a comprehensive national framework, has played a major role in positioning investment as a driver of economic growth,” he said.
Al-Falih revealed that the ministry has identified more than 2,000 investment opportunities worth over SR1 trillion ($267 billion), noting that 346 of these opportunities have been converted into closed deals valued at over SR231 billion through the “Invest Saudi” platform.
He also highlighted the success of the regional headquarters attraction program, with licenses issued to more than 700 global companies by the end of 2025, surpassing the 2030 target of 500 companies, across diverse sectors that reinforce Saudi Arabia’s role as a regional business hub.
The minister revealed that active investment licenses have grown tenfold, rising from 6,000 in 2019 to 62,000 by the end of 2025, highlighting the role of companies in creating over one million jobs, including numerous positions for Saudi nationals.
Al-Falih noted the Kingdom’s success in attracting 20 of the world’s top 30 banks, as part of efforts to strengthen the presence of leading asset managers and international banks in support of the Saudi banking sector.
He also discussed reforms to enhance the business environment, such as the Civil Transactions Law, Companies Law, and the updated Investment Law issued in mid-2024, which contributed to Saudi Arabia moving up 15 places in the global competitiveness ranking.
The minister also announced the update of the National Investment Strategy in 2025, focusing on quality, productivity, and directing investments toward sectors with the highest economic impact, while developing financing solutions for SMEs.
