Ajlan and Bros signs 8 strategic cooperation deals worth $5.7 billion

On the sidelines of the visit of HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, to the Arab Republic of Egypt, Ajlan & Brothers Holding Group signed eight strategic cooperation deals worth $5.7 billion, including an agreement to build Egypt’s center for storing petroleum and petroleum products. The signing of the agreements was attended by His Excellency the Minister of Commerce, Dr. Majid Al-Qasabi, His Excellency the Minister of Investment, Eng. Khalid Al-Falih, and the President of the Federation of Saudi Chambers, Mr. Ajlan bin Abdulaziz.

Al-Ajlan, and His Excellency Mr. Ali Al-Hazmi, representing the Ajlan and Brothers Holding Group, which was attended by the Egyptian side, Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, and a number of Egyptian and Saudi officials.

The agreements also included a memorandum of understanding to study the partnership of the power plant project, Clean casting, a strategic cooperation agreement for infrastructure projects, renewable energy, logistics, food industries and cars, a strategic cooperation agreement for the medical pharmaceutical industry, another in the field of strategic cooperation in industries and trade related to food security, a memorandum of understanding for the development, financing and operation of a multi-purpose terminal inside the port of Damietta, and finally a cooperation agreement A strategist for infrastructure, energy, transport and logistics projects. The agreements were signed by the Saudi side, CEO of Ajlan & Brothers Holding Group, His Excellency Mr. Ali Al-Hazmi.

The Ministry of Investment had announced the signing of 14 agreements worth investments worth more than 29 billion riyals between the Saudi and Egyptian private sectors, where a group of leading Saudi companies and a number of Egyptian government and private investment agencies signed a number of joint agreements.