RIYADH: Saudi Arabia’s Falak Investment and Egypt-based Al-Tawakol For Steel Industries and Galvanization Co. have signed a supply chain cooperation agreement to strengthen the telecommunications infrastructure in the Kingdom.
The deal was signed on the sidelines of Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef’s visit to the North African nation.
The partnership will focus on the manufacturing and supply of telecommunications towers in the Kingdom, as well as boosting cooperation in steel industries, galvanization, and telecommunications infrastructure, according to a statement by the Egyptian government.
The agreement will also provide a framework, allowing the North African firm to participate in government and public sector tenders in Saudi Arabia.
The Kingdom and Egypt have long sustained strong business relations, with bilateral trade reaching $7.5 billion in the first nine months of this year, representing a 33.9 percent rise compared to the same period in 2023.
During the visit, Alkhorayef visited Hassan Abdullah, governor of the Central Bank of Egypt, and discussed ways to enhance economic relationships between both nations.
“I discussed with the Governor of the Central Bank of Egypt ways to enhance economic and trade cooperation between the Kingdom and Egypt. I also met with the head of the Egyptian Medicines Authority to discuss prospects for developing the pharmaceutical and vaccine industry and exchanging experiences,” wrote Alkhorayef on his X platform.
Alkhorayef met with Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, to review potential avenues for boosting industrial cooperation between the two nations.
The Saudi minister also emphasized the vitality of a strong bilateral relationship with Egypt and said it would generate more job opportunities and strengthen respective economies.
During the meeting, Al-Wazir said that increasing collaboration with Arab nations is crucial for the Egypt’s sustainable development.
The Egyptian minister also underscored the importance of establishing joint factories and logistics zones in Egypt and Saudi Arabia to propel industrial integration and boost trade volume.
