Egyptian Prime Minister Dr. Mostafa Madbouly announced that the Saudi-Egyptian Investment Protection Agreement has been completed and will be implemented within two months. He also assured that the remaining issues faced by Saudi investors in Egypt will be addressed by the end of this year.
Commitment to Saudi investments
In a meeting with the Saudi private sector at the Federation of Saudi Chambers, attended by ministers and officials from both public and private sectors, Madbouly underscored the Egyptian government’s dedication to fostering Saudi investments. He revealed that a specialized unit within Egypt’s Ministry of Investment will be established to oversee these investments. So far, the government has successfully resolved 90 issues impacting Saudi investors, with only 14 still pending.
Economic reforms and incentives
Madbouly emphasized Egypt’s recent reforms and incentives across various sectors, including development, real estate, industry, agriculture, tourism, and renewable energy. He pointed out that Egypt has effectively navigated challenges related to its financial and monetary policies, particularly concerning the exchange rate of the Egyptian pound.
Enhancing the business environment
Saudi Minister of Commerce Majid Al-Kassabi highlighted the significant efforts underway to enhance the business environment between the two nations, noting that the implementation of the Saudi-Egyptian Investment Protection Agreement will further solidify economic connections.
Strong collaboration for regional growth
Moreover, the Saudi Minister of Investment Khalid Al-Falih commended the strong collaboration between Saudi Arabia and Egypt, characterizing their partnership as a model for Arab cooperation that fosters regional economic growth. He pointed out that trade between the two countries surpassed SAR124 billion ($33 billion) during 2022 and 2023, and that 5,767 licenses have been issued to Egyptian investors in the Kingdom.
The meeting also addressed recent advancements in Saudi-Egyptian economic relations, emphasizing opportunities for integration, cooperation to penetrate African markets, and the comparative advantages across various investment sectors.
Promoting private sector investments
On Monday, Prime Minister Madbouly hosted Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, at his residence in Riyadh, SPA reported.Â
The two leaders engaged in discussions to enhance collaboration and integration within the industrial and mining sectors, emphasizing future development through the exchange of expertise and knowledge. They also explored potential solutions to address challenges, aiming to maximize benefits from both sectors.
Additionally, they discussed strategies to promote and support private sector investments in key areas of industry and mining, particularly in food industries, which are crucial for achieving food security for both nations.
Meetings with additional Saudi officials
Also, Madbouly met with Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, where they covered topics of mutual interest, with several senior officials from both sides in attendance.
Strengthening trade and investment partnerships
During his visit to Riyadh, Madbouly welcomed Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Kassabi. Their discussions centered on shared interests, highlighting the importance of the partnership between the two countries in trade and investment, and underscoring the need to strengthen the private sector’s role in alignment with Saudi Arabia’s Vision 2030.
Advancing investment relations
Additionally, Madbouly received Saudi Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih. They engaged in friendly discussions about mutual interests in investment, cooperation to advance Saudi-Egyptian investment relations, and ways to stimulate the private sector in both countries. They also reviewed the status of discussions regarding the agreement to protect and encourage mutual investments between Saudi Arabia and Egypt.
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