- Saudi Arabia-based Business Research and Development Company (T2) signed an investment and partnership agreement with Egypt’s Fawry and Khazna, as well as Khwarizmi Ventures, a Saudi early-stage VC fund.
- Following the transactions, both fintech companies will be able to further fuel expansion in the Saudi market.
- The signing took place during the current visit of the Saudi crown prince Mohammed Bin Salman to Cairo.
Source: Egypt Today
Agreements signed between Egypt and Saudi Arabia represent a qualitative transfer in investment relations between the two countries, according to CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel Wahab.
Abdel Wahab elaborated that these agreements will support the infrastructure, logistics and technology sectors; which work to develop the capabilities of the Egyptian economy.
The Business Research and Development Company (T2) also signed an investment agreement with Fawry for Banking Technology and Electronic Payments to develop financial technology solutions to serve the movement of trade exchange and remittances between the two countries.
In the same field, Khwarizmi Ventures and Khazna signed an investment agreement with the aim of expanding in the Kingdom of Saudi Arabia and providing mobile financial services to the Kingdom's workforce.
With regard to food industries, Aquat Food Industries and Halawani Misr signed a memorandum of understanding in order to grant the Egyptian company the rights to manufacture Aquat/Al-Baik products in Egypt.
In the medical and pharmaceutical sector, Jamjoom Pharma announced the inauguration of the Jamjoom Pharma factory in Egypt.
The signing ceremony between the two sides also witnessed the signing of the Executive Program Agreement for Cooperation in the Media Field between the Saudi Minister of Information and the Chairman of the Supreme Council for Media Regulation; this is to enhance bilateral cooperation between the two sides in the fields of press, radio, television, drama production and digital media.