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Egypt and KSA sign $7.7B worth of agreements in various sectors

Egypt and Saudi Arabia’s trade exchange was recorded at around $14.4 billion in 2021

By: Business Today Egypt

Tue, Jun. 21, 2022

Egypt and Saudi Arabia have signed 14 agreements worth $7.7 billion covering several sectors including renewable energy, green hydrogen, pharmaceuticals, traditional energy, and e-commerce.

Hosted by the General Authority for Free Zones and Investment (GAFI) earlier today, the event included the signing of a $1.5 billion agreement between Saudi Arabia’s ACWA Power and the Egyptian Electricity Holding Company to establish a wind power plant with a capacity of 1,100 megawatts.

In the same vein was an agreement between Alfanar and the Arab Organization for Industrialization (AOI) to generate wind power and green hydrogen; the two also signed a separate agreement for informational technology (IT) and digital solutions.

Within the FinTech sector, Egypt’s Fawry for Banking Technology and Electronic Payments inked a deal with the Business Research and Development Company (T2) to develop financial technology solutions to facilitate trade exchange and remittances between the two countries.

Egyptian FinTech startup Khazna and Saudi Arabia’s Khwarizmi Ventures signed an investment agreement to expand within the KSA and provide mobile financial services for KSA’s workforce.

Egypt and Saudi Arabia’s trade exchange was recorded at around $14.4 billion in 2021, climbing 87% in value compared to 2020, according to a recent report by the Federation of Saudi Chambers.