5.7K Egyptian firms investing in Saudi Arabia: PM Madbouli

CAIRO – 16 September 2024: Prime Minister Mostafa Madbouli held Monday a meeting with major Saudi investors organized by the Federation of Saudi Chambers of Commerce in Riyadh and attended by senior officials from both countries.

In his speech, the prime minister expressed happiness about the growth of the number of Egyptian companies investing in Saudi Arabia recording 5,700. On the other hand, he stated that 75 percent of disputes by Saudi investors in Egypt had been resolved, and that the remainder amounting to 14 would be settled by the end of 2024.

Prime Minister Madbouli underscored that the Egyptian government's top priority had been improving the investment eco-system, providing logistical support, facilitating paperwork, eliminating bureaucracy, and offering incentives. Those are particularly in the sectors of manufacturing, agriculture, tourism, real estate development, new and renewable energy.

The prime minister also shed light on the monetary policy reforms that led to stability in the exchange rate of foreign currencies. He also pointed out that the two countries were drafting an agreement on protecting each other's investments.