Al Mashat meets with Saudi investment minister to discuss bolstering partnerships

Cairo – August 1, 2024: During a Thursday meeting with Khalid A. Al-Falih, Saudi Arabia's Minister of Investment, Egypt's Minister of International Cooperation, Rania Al Mashat, emphasized the substantial presence of Saudi investments in Egypt, highlighting the active participation of hundreds of Saudi companies across vital sectors.

The discussions centered on expanding bilateral relations and bolstering partnerships, particularly in key sectors identified as priorities by Egypt.

Al Mashat also expressed Egypt's eagerness to further attract private sector investments, reflecting the strong support from leadership in both nations for fostering robust economic relations.

Recent data from Saudi Arabia's Ministry of Investment revealed a whooping increase in Egyptian companies securing investment licenses by 148 percent, capturing 30 percent of licenses issued in the first quarter of 2024.

During Thursday’s meeting, Al Mashat reaffirmed Egypt's commitment to improving its investment climate to stimulate local and foreign private sector participation, with the focus on empowering the private sector viewed as essential in driving sustainable economic growth.

Al Mashat also outlined Egypt's initiatives aimed at enhancing human development and promoting local industry, which are central to the government's economic agenda.

These efforts are intended to bolster production capabilities and increase the competitiveness of Egyptian products in global markets.

The discussions also highlighted collaborative efforts between Egypt and international partners to support structural reforms, aimed at enhancing the business environment and attracting more private sector investments.

Al-Mashat emphasized the strategic merger of the planning and international cooperation ministries in Egypt to streamline investment spending and maximize economic returns, underscoring efforts to implement effective governance frameworks.

The Saudi delegation, led by Ambassador to Egypt Saleh bin Eid Al-Huseini and other senior officials, affirmed Saudi Arabia's commitment to expanding economic cooperation with Egypt.

Earlier this week, Hassan El-Khatib, Egypt's Minister of Investment and Foreign Trade met with the Saudi Ambassador, further emphasizing the two countries’ mutual desire to capitalize on current economic momentum.