Cairo – September 16, 2024: During his high-level visit to Saudi Arabia on Saturday, Prime Minister Mostafa Madbouly, along with Egypt’s ministers of finance and foreign trade, are set to meet with several key Saudi figures in a series of discussions aimed at enhancing bilateral investment relations.
After arriving on Saturday, the PM and his delegation met with Khalid Al-Falih, the Saudi Minister of Investment, to discuss enhancing investment opportunities and addressing mutual economic interests, as well as progress on new bilaterial investment agreements.
During the meeting, Madbouly underscored the expansive investment partnership between Egypt and Saudi Arabia, emphasizing its role in delivering substantial economic benefits to both countries.
“Our collaboration has been fruitful, and the new agreement will provide additional assurances and incentives for investors,” Madbouly stated.
The meeting, attended by Ahmed Kouchouk, Minister of Finance; Hassan El-Khatib, Minister of Investment and Foreign Trade; and Ambassador Ahmed Farouk, Egypt’s Ambassador to Riyadh, and saw participation from Saudi representatives, including Saleh bin Eid Al-Husseini, Saudi Ambassador to Egypt, and other officials from the Saudi Ministry of Investment.
Saudi Minister of Investment Al-Falih reaffirmed the strength of the bilateral relationship and the importance of increasing joint investments, adding that significant progress had been made by both technical and executive teams on the terms of an agreement to encourage and protect investment between the two countries.
This agreement is expected to serve as a catalyst for investor confidence and capital inflow into various projects, he explained.
Al-Falih also praised the Egyptian government's efforts to address issues faced by Saudi investors, highlighting Egypt’s position among the top five destinations for Saudi investments abroad.
Madbouly acknowledged the progress made towards the investment agreement and reiterating Egypt’s commitment to increasing Saudi investments, assuring attendees that Egypt would continue to provide political and economic support to resolve any issues faced by Saudi investors and enhance the overall investment environment.
The Saudi Minister highlighted the Kingdom’s interest in future investments, including the potential conversion of deposits into investments by the Saudi Public Investment Fund, which has previously seen success in Egyptian projects.
Al-Falih expressed optimism about the Egyptian government’s approach and the anticipated ratification of the investment agreement, which he believes will promote increased joint investments.
The investment minister also confirmed that arrangements would be made for the Prime Minister and his delegation to meet with Saudi investors, further strengthening the economic ties between the two countries.
Be Social
Comments
Leave a Comment