RIYADH: Saudi investments in Egypt have risen to $25.74 billion, distributed across 8,895 Saudi-owned companies operating in sectors such as industry, construction, tourism, services, finance, agriculture, and telecommunications, according to Amr Hazzaa, minister plenipotentiary for commercial affairs and head of the Egyptian Commercial Representation Office in Saudi Arabia. 

In an interview with Al-Eqtisadiah, Hazzaa stated that the industrial sector led Saudi investments in Egypt in 2024, accounting for 34.14 percent of total contributions, with issued capital of $7.77 billion across 1,404 companies. The construction sector followed with 22.17 percent and capital of $4.92 billion. 

He noted that tourism ranked third, representing 14.08 percent of total Saudi contributions, followed by services at 9.73 percent, finance at 9.04 percent, and agriculture at 9.02 percent. 

Telecommunications and information technology accounted for 1.82 percent of total investments. 

Hazzaa reported that the total value of Saudi contributions across these sectors stood at $6.81 billion, reflecting the strong interest of Saudi investors in expanding within the Egyptian market, particularly in the areas of industry, urban development, and healthcare services. 

He added that total non-oil goods trade between the two countries increased to $5.73 billion in 2024, compared to $5.38 billion in 2023, representing year-on-year growth of 6.5 percent. 

Hazzaa highlighted a significant increase in Egyptian exports to Saudi Arabia in 2024, rising to $3.33 billion from $2.72 billion in 2023, marking growth of 22.2 percent. In contrast, Egypt’s non-oil imports from the Kingdom declined to $2.40 billion, down from $2.65 billion the previous year, a decrease of 9.63 percent. 

He said the overall trade balance has improved in Egypt’s favor, with the deficit narrowing to only $29 million, compared to $67 million in 2023. The export-to-import coverage ratio reached 138.8 percent, its highest level in the past five years. 

Hazzaa stated that these indicators reflect the strength and dynamism of economic relations between Saudi Arabia and Egypt. 

He added that the coming period will see further expansion in investment and the development of trade frameworks in line with Saudi Arabia’s Vision 2030 and Egypt’s economic development programs.