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Saudi Arabia, Egypt Discuss Advancing Industrial and Mining Collaboration

Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA
Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA
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Saudi Arabia, Egypt Discuss Advancing Industrial and Mining Collaboration

Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA
Alkhorayef held on Monday meetings with Egyptians ministers in Cairo. SPA

Minister of Industry and Mineral Resources Bandar Alkhorayef has held talks with Egyptian ministers in Cairo, discussing fostering industry and mining cooperation and attracting investments to strategic industrial opportunities in Saudi Arabia.

Alkhorayef held on Monday separate meetings with Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Petroleum and Mineral Resources Karim Badawi, and Central Bank of Egypt (CBE) Governor Hassan Abdallah.

During his meeting with the Egyptian industry and transport minister, Alkhorayef emphasized the importance of strengthening collaboration between the two nations to activate agreed industrial integration paths. Alkhorayef highlighted the role of the Saudi Vision 2030 in leading economic transformation and stimulating growth across various sectors. He also underscored the launch of various strategies aimed at creating added value in industry, mining, and exports, alongside many initiatives to streamline the industrial investors’ journey.

In his meeting with the Egyptian investment and foreign trade minister, Alkhorayef explored means of enhancing cooperation with Egypt in investments. They also discussed fostering effective partnerships within the private sector of both countries to leverage available investment opportunities.

Alkhorayef, in his meeting with the Egyptian petroleum and mineral resources minister, underscored Saudi Arabia’s commitment to bolstering bilateral collaboration in the mining and mineral industries sector. He emphasized the Kingdom’s keenness on leveraging the economic strengths of both nations. Alkhorayef extended an invitation for the Egyptian minister to participate in the fourth Future Minerals Forum, to be held in Riyadh in January 2025.

Alkhorayef’s conversation with the CBE governor centered on exploring financing mechanisms and guarantees provided by financial institutions in both countries to enhance trade and offer solutions to investors.The meetings were attended by Industry and Mineral Resources Deputy Minister for Industry Affairs Khalil Ibn Salamah, Saudi EXIM Bank Chief Executive Saad Alkhalb, Saudi Exports Development Authority Chief Executive Abdulrahman Althukair, and Saudi Ambassador to Egypt Saleh Al-Husseini.

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French MP: We Look Forward to Sustainable Cooperation with Saudi Arabia under Vision 2030

French MP Amélia Lakrafi. (Asharq Al-Awsat)
French MP Amélia Lakrafi. (Asharq Al-Awsat)
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French MP: We Look Forward to Sustainable Cooperation with Saudi Arabia under Vision 2030

French MP Amélia Lakrafi. (Asharq Al-Awsat)
French MP Amélia Lakrafi. (Asharq Al-Awsat)

As Saudi Arabia undergoes economic and social changes under its Vision 2030, attention is turning to strengthening strategic partnerships with France in areas such as innovation, technology and cybersecurity.

Amélia Lakrafi, a French member of parliament and representative for French nationals abroad, stressed the importance of Vision 2030 as a platform for long-term cooperation between the two nations.

Vision 2030 presents unique opportunities to boost economic ties between France and Saudi Arabia, she stressed.

She emphasized the need to support innovation and technology as key areas of collaboration.

To advance this partnership, she suggested empowering French-Saudi business councils and holding regular meetings for companies and experts to discuss legal and tax issues, such as setting up companies without a local partner.

She also proposed creating a unified platform to streamline information access for businesses and coordinate with entities like embassies and the “Business France” agency.

France should highlight the investment opportunities it offers to Saudi investors, ensuring quick and clear solutions to legal and procedural challenges, Lakrafi went on to say.

Innovation and AI

Innovation and technology are vital for future cooperation. Lakrafi noted that artificial intelligence (AI) and renewable energy are key areas for collaboration.

She explained that AI is a strategic priority for both France and Saudi Arabia, and French President Emmanuel Macron’s recent visit to Riyadh highlighted its potential.

Paris will host a global AI event in February, with Saudi Arabia as a partner guest, said the MP.

The event will help strengthen partnerships between institutions and businesses from both countries. She proposed creating competitive hubs in Saudi Arabia, similar to those in France, to bring together large companies, startups and researchers.

Boosting capital

Lakrafi stressed the importance of intangible capital, which includes branding, reputation and internal processes, for improving competitiveness.

“Intangible capital represents about 60% of a company's value,” she said. “Companies should invest in securing these assets, through trademark registration, enhanced cybersecurity, or better internal management.”

She called for the development of tools to measure intangible capital, which could help businesses build trust and attract investors and customers.

Cybersecurity

Given the rise in global cyber threats, Lakrafi called for stronger cooperation between France and Saudi Arabia in cybersecurity.

She underscored France’s expertise through institutions like the National Agency for the Security of Information Systems.

This collaboration could help Saudi Arabia develop shared cybersecurity standards, including rules to secure companies receiving government funding. She also warned that 80% of companies hit by major cyberattacks close within three years.

Lakrafi concluded by stressing that the cooperation between France and Saudi Arabia extends beyond economic ties, focusing on building cultural and social connections that support shared goals.

“Our relationship with Saudi Arabia goes beyond economics. We are building new links every day, whether between leaders, lawmakers, or citizens. I see a bright future for this partnership that will strengthen both countries’ global standing,” she remarked.