RIYADH: Saudi Arabia’s issuance of investment licenses to Egyptian businesses more than doubled in 2024, reflecting a significant boost in economic collaboration between the two nations, according to a senior minister. At a meeting with Egyptian Prime Minister Mostafa Madbouly, organized by the Federation of Chambers in Riyadh, Saudi Investment Minister Khalid Al-Falih underscored Egypt’s increasing role as a key economic partner for the Kingdom. This follows Saudi Arabia’s exports to Egypt totaling $6.44 billion in 2022, while Egypt’s exports to the Kingdom reached $2.35 billion, as reported by the Observatory of Economic Complexity. “During 2024, it (investment licenses) grew by more than 100 percent over the previous year, and Egyptian investors created more than 80,000 jobs in the Saudi economy,” the minister said. He further emphasized the importance of the Egyptian market to the Kingdom, noting its broad involvement in sectors such as tourism, transportation, infrastructure, real estate development, agriculture, energy, and information technology. “We, in the Kingdom, believe that strengthening cooperation with Egypt will benefit both the Saudi and Egyptian economies, which are, as I mentioned, the nucleus and heart of the Arab economy,” Al-Falih added. The minister also pointed out that collaboration and integration between the two countries, along with leveraging their competitive advantages, would accelerate regional economic growth. He highlighted the relevance of this cooperation in light of global economic shifts supporting global supply chains, environmental preservation, and emerging sectors like information technology and artificial intelligence. “The Saudi investor will not only provide Egypt with his investments but will be a partner with international companies that invest with him in the Kingdom and in all countries of the world. We aspire for Egypt to be an extension of investments in the Kingdom, giving us the weight of the large strategic market and the free trade agreements that Egypt enjoys,” he concluded. During the meeting, Prime Minister Madbouly noted that Saudi Arabia remains the primary destination for Egyptian expatriates. “Our goal is to raise Egyptian exports from $35 billion to $145 billion,” he said. Madbouly also emphasized Egypt’s efforts to resolve issues faced by Saudi investors, stating that many problems have been addressed, with ongoing work to tackle remaining challenges. He highlighted Egypt’s aim to attract more Saudi investments, especially with new incentives such as the golden license. Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, who also attended the meeting, stressed the importance of listening to investors. “We know the challenges that the investor faces and find solutions to them,” he stated. El-Khatib added: “The goal in this field is for me to have a clear investment policy that puts the competitiveness of the Egyptian economy at the heart of this strategy.”