Reading Time: 4 minutes
To capitalize on the strategic relations between Egypt and Saudi Arabia, Benya Group, the leading digital solutions and ICT infrastructure provider in Egypt, Africa and the Middle East, has signed a cooperation agreement with Al-Fanar Company, a leader in the electrical and construction industries in the Middle East and Asia. The objective of this agreement is to support the anticipated expansions of both companies in the Egyptian and Saudi markets and provide the latest advanced solutions in digital transformation, infrastructure and renewable energy.
The signing of the agreement coincides with the visit of his Highness, Crown Prince of Saudi Arabia, Mohammed bin Salman to Egypt, given that Saudi Arabia is one of the major economic partners of Egypt with nearly $30 billion in investments.
The agreement was signed in the presence of: his excellency Khaled Al-Falih, Minister of Saudi Investment, his excellency Minister Majid bin Abdullah Al-Qasabi, Saudi Minister of Commerce, his excellency Minister Essam bin Saeed, Minister of State and Member of the Saudi Cabinet for Shura Council Affairs, her excellency Minister Hala Al-Saeed, Minister of Planning and Economic Development, his excellency Minister Mohamed Shaker, Minister of Electricity and Renewable Energy and Counselor Mohamed Abdel-Wahab, CEO of the General Authority for Investment and Free Zones.
The two companies are expected to further discuss how to foster both Egyptian and Saudi markets through integrated solutions that contribute to the development of infrastructure using the latest advanced methods including the implementation and operation of smart meter projects, the development of data centers, EPC solutions, information technology infrastructure, smart facility management, IoT and cybersecurity solutions. Since Benya Group already has similar experience in other projects in the Egyptian Market that allows it to expand its business horizons in other Middle Eastern markets.
On this occasion, Eng. Ahmed Mekky, Chairman and CEO of Benya Group expressed his delight with the cooperation agreement with Al-Fanar Company, stressing that it is a pivotal step in preserving its position in the Egyptian market, as Egypt ranks second on the list of countries issuing investment licenses in the Kingdom, where the volume of trade exchange has reached a growth rate of 87% in 2021. This helps Benya Group to expand into other markets in the region, particularly the Saudi market. This agreement also reflects the added value of the collaboration between Egypt and Saudi Arabia will bring to the market.
Engineer Amer Al-Ajmi, Executive Vice President of Al-Fanar Company, highlighted that the agreement will support Al-Fanar’s projects by providing high-quality innovative products using the latest global technologies and applications in modern manufacturing facilities, as well as designing and implementing smart integrated systems of communications and information technology solutions. The Cooperation’s objective is to provide multiple solutions for companies and service providers in the Egyptian and Saudi markets to accomplish their missions and goals. Noting that this cooperation will mainly lead to establishing a smarter infrastructure to reduce the total cost of projects and maximize returns for customers.
It is worth noting that the bilateral economic relations between Egypt and Saudi Arabia witnessed great success in the past years as the value of trade exchange between the two countries almost reached $14.5 billion during 2021, while the volume of the shared bilateral investments reached more than $35 billion.