Agreements signed between Egypt, Saudi rabi Arabia reflects the two countries strong ties: Saudi investment Min.

CAIRO – 21 June 2022: Saudi Investment Minister Khalid Al Falih said that the agreements signed between Egypt and Saudi Arabia reflect the ‘weight of the two countries as an economic center’ in the Middle East.

Al-Falih added in a statement to Al-Arabiya news channel, Tuesday, that the economic sector is one of the important axes of the bilateral relationship between Saudi Arabia and Egypt, stressing that Egypt represents an important gateway for the Kingdom to link it with African markets.

He pointed out that the Egyptian investment system is very encouraging for foreign investors and is an opportunity for Saudi Arabia, stressing that the agreements signed Tuesday, reflect the diversity of investments.

 Egypt and Saudi Arabia have stressed their determination to increase investment cooperation and trade exchange in the coming period.

In a final statement at the end of a visit paid by Saudi Crown Prince Mohamed bin Salman to Egypt, the two countries pressed for stimulating partnership between their private sectors and creating an attractive investment environment in various fields, including tourism, energy, healthcare, transport, logistics, ICT, real estate and agriculture.

The final statement shed light on official talks held between President Abdel Fattah El Sisi and Prince Mohamed bin Salman, which reflected close relations between the two countries.

During the talks, the two leaders praised high-level relations enjoyed by both countries and tackled the latest regional and international developments.

They affirmed the unified Egyptian-Saudi stance towards various regional and international issues of mutual concern, the communiqué said.

According to the final statement, the two countries agreed to reinforce and upgrade economic partnership between them through achieving integration between the opportunities available under Saudi Vision 2030 and Egypt Vision 2030.

The two sides welcomed the 8-billion-dollar deals signed by the private sectors of both countries.

The final statement cast light on a Saudi plan to pump investments in Egypt at a total of 30 billion dollars.

The two countries also announced the launch of a 10-gigawatt electric power project, which will be implemented by the Saudi ACWA Power company.

The two sides praised the volume of trade exchange and expressed their determination to conclude an investment promotion and protection agreement as soon as possible.