Egyptian Prime Minister Dr. Mostafa Madbouly announced on Monday that the Saudi-Egyptian Investment Protection Agreement has been finalized and will be activated within two months. He also stated that the remaining challenges facing Saudi investors in Egypt will be resolved by the end of this year.
Speaking during a meeting with the Saudi private sector at the Federation of Saudi Chambers in Riyadh, Madbouly emphasized the Egyptian government’s commitment to support Saudi investments.
He said a special unit within Egypt's Ministry of Investment will be dedicated to overseeing Saudi investments, and the government has already resolved 90 issues affecting Saudi investors, leaving only 14 outstanding.
Ministers and officials from the public and private sectors attended the meeting.
Madbouly highlighted Egypt's recent reforms and incentives in various sectors, including development, real estate, industry, agriculture, tourism, and renewable energy. He noted that Egypt has successfully managed challenges related to financial and monetary policies, particularly the exchange rate of the Egyptian pound.
Minister of Commerce Majid Al-Qasabi underscored the intense efforts to improve the business environment between Saudi Arabia and Egypt, adding that the activation of the Saudi-Egyptian Investment Protection Agreement will further strengthen economic ties.
Minister of Investment Khalid Al-Falih praised the close cooperation between Saudi Arabia and Egypt, describing their relationship as a model for Arab cooperation that promotes regional economic growth.
He noted that trade between the two countries exceeded SAR 124 billion during 2022 and 2023 and that 5,767 licenses have been granted to Egyptian investors in the Kingdom.
The meeting also highlighted new developments in Saudi-Egyptian economic relations, focusing on opportunities for integration, cooperation to access African markets, and comparative advantages in various investment sectors.
Earlier, Madbouly met with Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef for talks on boosting cooperation and integration in the industrial and mining sectors.
They also discussed prospects for their development through the exchange of expertise and knowledge.
They explored the development of appropriate solutions to address challenges in order to maximize the benefits of both sectors.
In addition, they discussed strategies to support and incentivize private sector investment in strategic areas within the industrial and mining sectors, such as food industries, which would contribute to achieving food security in Saudi Arabia and Egypt.
