Trade between Egypt and Gulf countries reached nearly $14 billion in 2024, up from $9 billion in 2020, underscoring growing economic integration, Egypt's investment minister Hassan El-Khatib said on Monday. Speaking at the opening session of the Egyptian/Gulf Trade and Investment Forum in Cairo, El-Khatib said Gulf investment in Egypt rose to about $41 billion in 2023/2024, representing the largest share of foreign direct investment in the country. Key projects include Ras El Hikma in partnership with the UAE and Alam El-Roum with Qatar, alongside expanding Saudi, Kuwaiti, and Bahraini investments in industry, energy, financial services, and real estate. El-Khatib said Egypt has laid the groundwork for a more competitive economy through major infrastructure development, including roads, ports, airports, new cities, and industrial zones, positioning the country as a hub for trade and investment between Europe, Africa, and Asia. He added that macroeconomic reforms have delivered results, with foreign reserves reaching $50 billion, and net foreign assets posting a surplus exceeding $10 billion. Fiscal reforms also increased tax revenues by 35 per cent without imposing new burdens. Egypt has further pursued trade liberalisation, cutting customs clearance times and costs by 65 per cent and removing non-tariff barriers, saving the economy more than $1.5 billion in 2025 alone. Looking ahead, El-Khatib said Egypt plans to fully digitise government and investment services to enhance transparency, speed, and investor confidence. He added that Egypt's competitive production costs, large skilled workforce, and strategic location make it an ideal base for Gulf and Arab industries, particularly in renewable energy, food and engineering sectors, and logistics. "Egypt is open to serious partnerships and acts swiftly to resolve investor challenges, aiming to establish sustainable, productive economic cooperation that serves the people of Egypt and Gulf countries alike," he said. Attribution: Amwal Al Ghad English
