Agreements have been signed with a number of companies from a variety of sectors, including Sami Saad Holding, Triangle Group, Magrabi Agriculture, Pharco Pharmaceuticals and Hassan Allam Holding.
Saudi Arabia’s Ajlan & Bros Holding Group has announced that it has signed an agreement worth $5 billion with several Egyptian partners from across a number of different sectors, while also expanding its partnerships with the Egyptian government.
Said partners include Sami Saad Holding, Triangle Group, Magrabi Agriculture, Pharco Pharmaceuticals, Hassan Allam Holding, Arab Group for Supply Chains, and Arise Ports & Logistics to develop, finance, and operate a multi-purpose terminal inside Damietta Port.
Chairman Ajlan Alajlan also revealed that the group aims to establish eight companies in Egypt in several regions, explaining that the company will expand in a number of sectors such as tourism, logistics, financial technology and banking.
The group’s business volume in Saudi Arabia is worth an estimated $15 billion, and $2 billion in Egypt.
Alajlan stated that with VC investments hitting record highs in 2021, surpassing the $500 million mark, Egypt offers an encouraging investment climate, one made all the more attractive by the government’s increased support for the private sector.
Sign up for the daily Startup Digest.