Egypt successfully solves around 75% of investment issues facing Saudi Investors

Cairo – September 16, 2024: During an event with leading investors in Riyadh, Minister of Investment and Foreign Trade, Hassan El Khatib, announced that Egypt has successfully resolved approximately 75 percent of the long-standing issues facing Saudi investors and the private sector.

He reaffirmed the Egyptian government’s commitment to tackling the remaining 25 percent of issues to further enhance the investment climate.

The meeting, organized by the Saudi Chambers Federation, was attended by Prime Minister Mostafa Madbouly, Minister of Finance Ahmed Kouchouk, and several other key officials and Saudi investors. The event focused on exploring investment opportunities between the two nations.

In his address, El Khatib expressed his honor in participating in the event and meeting with Saudi Chamber members and investors.

He noted that he had recently met with Saudi Minister of Investment Khalid Al-Falih, marking a significant step following his appointment to the role of Minister of Investment and Foreign Trade.

El Khatib highlighted the warm reception from Saudi counterparts and the genuine efforts to finalize the Egyptian-Saudi Investment Promotion and Protection Agreement, describing it as a crucial milestone in renewing and strengthening bilateral relations between Egypt and Saudi Arabia.

As Minister of Investment and Foreign Trade, El Khatib underscored the importance of listening to investors from all backgrounds, understanding their problems, and finding solutions. He noted that over the past 75 days, the ministry has identified key challenges and is developing strategies to address them in the near future.

The primary goal, according to El Khatib, is to establish a clear investment policy that places Egyptian economic competitiveness at the heart of the Ministry’s strategy. This approach aims to open the Egyptian economy to the world and attract new partnerships, with a strong focus on supporting existing investors.

El Khatib also addressed the ministry’s role in foreign trade, emphasizing its integration with investment efforts, and outlined Egypt’s strategy to increase exports from $35 billion to $145 billion, which will involve mechanisms such as trade liberalization and reducing the time and cost of product entry and exit.