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Egyptian Parliament Approves Investment Protection Agreement with Saudi Arabia

The Egyptian Prime Minister met with the Saudi private sector (Saudi Chambers Federation)
The Egyptian Prime Minister met with the Saudi private sector (Saudi Chambers Federation)
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Egyptian Parliament Approves Investment Protection Agreement with Saudi Arabia

The Egyptian Prime Minister met with the Saudi private sector (Saudi Chambers Federation)
The Egyptian Prime Minister met with the Saudi private sector (Saudi Chambers Federation)

The Egyptian Parliament has approved a bilateral agreement with Saudi Arabia aimed at promoting and protecting mutual investments between the two countries, as well as strengthening their economic ties.

According to the Saudi Chambers Federation’s account on platform “X,” the agreement seeks to create optimal conditions for investment exchange between investors from both nations.

Among the anticipated benefits of the agreement are the establishment of a secure and attractive investment environment, an increase in capital flows and investments, and the creation of more job opportunities.

The agreement has received strong support from the leaderships of both countries, as well as ministers, ambassadors, the Saudi Chambers Federation, and the Saudi-Egyptian Business Council.

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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".