With a mutual interest in advancing the region’s technology sector and economic growth, Saudi Arabia and Egypt recently participated in the Saudi-Egyptian Technology Forum in Riyadh.
Saudi Arabia’s Ministry of Communications and Information Technology convened the forum in collaboration with the Egyptian Ministry of Communications and Information Technology and Egypt’s EiTESAL Organization.
Fostering entrepreneurship and technological investments
This event included participation from various tech companies from both countries and sought to enhance the strategic partnership between the two countries. The Saudi-Egyptian Technology Forum also aimed to foster entrepreneurship and technological investments to bolster the growth of the digital economy and innovation in the region.
The meeting covered technical investment prospects in both Saudi Arabia and Egypt. For its part, Saudi Arabia’s Ministry of Investment highlighted investment opportunities across important and promising fields, including technology.
The forum featured a workshop attended by several Saudi and Egyptian companies, during which they deliberated on strategies for enhancing partnerships, fostering technical investments, and broadening market access between the two countries.
The greater cooperation in technology comes after Egypt’s Prime Minister Mostafa Madbouly visited Riyadh recently with the aim of increasing cooperation between the two countries. During the meeting, Saudi Arabia’s Crown Prince Mohammed bin Salman announced a $5 billion investment in Egypt through the Public Investment Fund (PIF).
Read: Diriyah breaks Guinness World Record with largest AI assistant showcase on Saudi National Day
Saudi-Egyptian bilateral investments
Madbouly, during his visit, said that the two countries have finalized the agreement on the protection of joint investments which will significantly raise bilateral investments between Saudi Arabia and Egypt.
Investments play a vital role in strengthening economic relations between Saudi Arabia and Egypt. The value of Saudi investments in Egypt has reached approximately $26 billion, with over 8,000 companies. Meanwhile, Egyptian investments in Saudi Arabia reached around $4 billion, involving more than 3,000 companies.
For more news on technology, click here.
