Egypt has secured a notable 30% of the total investment licenses issued by the Saudi Ministry of Investment in the first quarter of 2024, Invest-Gate reports.

This translates to 950 licenses out of 3,157, as reported by the ministry’s “Saudi Economy and Investment Monitor” report.

The report highlighted a 93% year-on-year increase in the total number of licenses issued, up from 1,637 in the same period last year. Licenses issued to Egypt surged 148% compared to the previous year, rising from 383 to 950.

Moreover, the real estate sector experienced the highest growth in investment licenses, jumping 253% year-on-year to 53 licenses. The construction sector saw a 104% increase, reaching 864 licenses. Professional and educational activities grew by 141%, while agriculture, forestry, and fishing increased by 129%.

Regarding the structure of licensed companies, 2,112 licenses were issued to sole proprietorships and 754 to limited liability companies. The remaining licenses were distributed among other types of companies.

Furthermore, amid an economic crisis and currency devaluation in Egypt, leading construction and real estate firms have been expanding abroad, with Saudi Arabia and Africa as key target markets. Prominent Egyptian developer Talaat Moustafa Group has launched its first overseas project “Banan” in Saudi Arabia, marking the largest foreign real estate development in Saudi Arabia.

Also, the ministry issued 127 licenses for establishing regional headquarters, a 477% increase year-on-year.

Notably, this follows the announcement by Minister of Investment Khalid Al-Falih that 450 international investors were granted licenses to open regional offices in Saudi Arabia, up from 44 in the first batch in late 2022.