Trade between Saudi Arabia and Egypt exceeded $33 billion in 2022 and 2023.
Egyptian Prime Minister Dr. Mostafa Madbouly announced the completion of the Saudi-Egyptian Investment Protection Agreement, which will be implemented within two months. He also promised to resolve any remaining issues faced by Saudi investors in Egypt by the end of the year.
Commitment to Saudi Investments
During a meeting with the Saudi private sector at the Federation of Saudi Chambers, Madbouly emphasized Egypt’s dedication to fostering Saudi investments. A specialized unit within Egypt’s Ministry of Investment will oversee these investments. To date, 90 issues affecting Saudi investors have been resolved, with 14 still pending.
Economic Reforms and Incentives
Madbouly highlighted Egypt’s recent reforms and incentives in sectors like development, real estate, industry, agriculture, tourism, and renewable energy. He noted the successful navigation of challenges related to financial and monetary policies, especially the exchange rate of the Egyptian pound.
Enhancing the Business Environment
Saudi Minister of Commerce Majid Al-Kassabi emphasized ongoing efforts to enhance the business environment between the two nations, noting that the Saudi-Egyptian Investment Protection Agreement will further solidify economic ties.
Strong Collaboration for Regional Growth
Saudi Minister of Investment Khalid Al-Falih praised the strong collaboration between Saudi Arabia and Egypt, describing it as a model for Arab cooperation that promotes regional economic growth. Trade between the countries surpassed SAR124 billion ($33 billion) in 2022 and 2023, with 5,767 licenses issued to Egyptian investors in Saudi Arabia.
The meeting also addressed recent advancements in Saudi-Egyptian economic relations, focusing on opportunities for integration, cooperation to access African markets, and leveraging comparative advantages in various investment sectors.
Promoting Private Sector Investments
Prime Minister Madbouly met with Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, to discuss enhancing collaboration in the industrial and mining sectors. They explored potential solutions to challenges and strategies to support private sector investments, particularly in food industries crucial for food security.
Meetings with Additional Saudi Officials
Madbouly also met with Saudi Minister of Finance Mohammed bin Abdullah Al-Jadaan to discuss topics of mutual interest, with senior officials from both sides present.
Strengthening Trade and Investment Partnerships
During his visit to Riyadh, Madbouly met with Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Kassabi to discuss shared interests and the importance of strengthening the private sector’s role, in line with Saudi Arabia’s Vision 2030.
Advancing Investment Relations
Additionally, Madbouly had discussions with Saudi Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih about advancing Saudi-Egyptian investment relations and stimulating the private sector in both countries. They reviewed the status of the agreement to protect and encourage mutual investments.