RIYADH, Saudi Arabia: Saudi Commerce Minister Dr. Majed Al-Qasabi announced an imminent agreement to encourage and protect Saudi investments in Egypt, marking a step toward stronger economic ties.
The announcement was made during a meeting of Saudi and Egyptian officials and investors, organized by the Federation of Saudi Chambers of Commerce, coinciding with Egyptian Prime Minister Dr. Mostafa Madbouly’s visit to Saudi Arabia.
Al-Qasabi emphasized efforts to improve the business climate and attract bilateral investments. He noted that the upcoming Saudi-Egyptian Investment Protection Agreement would significantly enhance economic relations. Prime Minister Madbouly confirmed the agreement’s finalization within two months and pledged to address remaining challenges for Saudi investors by year-end.
Madbouly disclosed that Egypt has resolved 90 issues affecting Saudi investors and will tackle the remaining 14 through innovative approaches. He highlighted Egypt’s economic reforms aimed at stabilizing fiscal policies and strengthening the Egyptian pound, with incentives in sectors like real estate, industry, agriculture, tourism, and renewable energy.
The new agreement and investment-friendly policies underscore the deepening economic partnership between Saudi Arabia and Egypt, promoting mutual growth and development.