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Oman, Egypt Discuss Establishing $100 Mn Investment Fund

Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
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Oman, Egypt Discuss Establishing $100 Mn Investment Fund

Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)

Oman and Egypt signed several memoranda of understanding (MoUs) after a meeting held by the joint Business Council in Muscat.

The Egyptian-Omani Business Council concluded its meeting and recommended the two governments discuss the establishment of a $100 million fund to develop the investment exchange.

The Council also called for the completion of the legal aspects of the signed agreements to facilitate and promote trade exchange.

The Oman News Agency (ONA) said that the two countries signed several MoUs in the political, security, economic, commercial, industrial, judicial, developmental, educational, media, labor, and social fields.

Egyptian Foreign Minister Sameh Shoukry met with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said, to discuss bilateral relations and take advantage of Egypt's development and economic boom.

Said and Shoukry participated in the meeting of the Omani-Egyptian Business Council at al-Bustan Palace.

Shoukry delivered a message to Sultan Haitham bin Tariq from Egyptian President Abdel Fattah al-Sisi.

The FM said that the private sector should help push the development in the two countries and support joint economic cooperation backed by both governments.

Shoukry urged the Omani private sector and businessmen to maximize their direct investments in Egypt and benefit from Cairo's giant development and economic projects.

He called for benefiting from the giant economic development projects implemented by the Egyptian state, which provide many and varied opportunities for investment in various fields, especially in light of recent achievements in terms of economic reform and improving the investment environment.

Shoukry hoped the Joint Business Council support government efforts to boost the development engine in both countries.

The Joint Egypt Omani committee issued a statement after its 15th session, noting that the Council stressed the importance of the distinguished historical relations between Oman and Egypt and the solid ties that bind their peoples.

The statement said that the two sides expressed their deep satisfaction with the high level of the relations, stressing the need to boost bilateral cooperation in all fields and open new horizons for collaboration.

The two delegations discussed regional and international issues of common interest and expressed their satisfaction with political coordination at various levels.

Speaking at the meeting, the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, Redha al-Saleh, said that the chambers of commerce want to take advantage of the opportunities in the two countries through exchanged visits between business delegations.

Saleh pointed out that the trade exchange between Muscat and Cairo reached over $293 million at the end of June 2021, with 744 Egyptian companies investing in Oman in 2020.

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Facing Market Pain, UK’s Reeves Says ‘Pragmatic’ China Ties Will Help Growth

British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
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Facing Market Pain, UK’s Reeves Says ‘Pragmatic’ China Ties Will Help Growth

British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)

British finance minister Rachel Reeves, facing criticism for travelling to China during financial market turmoil at home, said on Saturday that "pragmatic and predictable" relations with Beijing would help boost economic growth and trade.

Under pressure from a sharp rise in British interest rates, Reeves defended her budget at the start of the two-day visit to China, where she is seeking to revive high-level economic and financial talks that have been frozen for nearly six years.

"The fiscal rules that I set out in my budget in October are non-negotiable, and growth is the number one mission of this government to make our country better off," Reeves told reporters at a Brompton bicycle shop in Beijing.

"That's why I'm in China to unlock tangible benefits for British businesses exporting and trading around the world to ensure that we have greater access to the second-largest economy in the world."

The rise in British government borrowing costs, due in part to a global bond selloff, prompted comparisons with the 2022 "mini-budget" crisis that forced then-Prime Minister Liz Truss out of Downing Street.

However, this week's market moves have been less sharp and there has so far been no evidence of the strain on institutional investors that forced the Bank of England into emergency bond purchases in 2022.

On trade, asked whether Britain would follow Washington and Brussels in imposing tariffs on Chinese electric vehicles, Reeves, who will be in Shanghai on Sunday, said: "We keep issues under review but we make decisions in our national interest."

British car manufacturers, "like Jaguar Land Rover, export substantially to Chinese markets, and we want to help them to grow."

After her bicycle shop visit, Reeves met Vice President Han Zheng, telling him it was "important to have open and frank dialogue in areas where we agree, but also in areas where we have different views."

'COMMON GROUND'

Her delegation, which includes Bank of England Governor Andrew Bailey, Standard Chartered Chairman Jose Vinals, and HSBC Chairman Mark Tucker, then met Chinese counterparts led by Vice Premier He Lifeng.

He urged British financial firms to expand renminbi services and promote deeper yuan internationalization, while inviting them to participate in green finance and the pension industry in China.

Reeves said she looked forward to China issuing its first overseas sovereign green bond in London this year.

Her visit follows a dialogue opened last year between Prime Minister Keir Starmer and President Xi Jinping, the first between the two countries' leaders since 2018.

Reeves told He that Russia's invasion of Ukraine, rising geopolitical tensions and climate change meant that they faced a much more challenging environment than when their predecessors last met.

"It is important to prevent economic leaps weakening our national security and economic resilience," she said, adding both she and He wanted to "find common ground" in this regard.

He said Beijing will work with London to ensure a fair, non-discriminatory business environment for each country's firms.

The approach adopted by Starmer's Labor government, elected in July, contrasts with that of the previous Conservative administration, which took a robust path to differences with China - particularly over human rights, Hong Kong and allegations of Chinese espionage.

Starmer has long described his desire to build a relationship with China that is "rooted in the UK's national interests" by boosting trade, a task that may become more difficult if US President-elect Donald Trump follows through on his threat to impose tariffs on all imports.

China is Britain's fourth-largest trading partner, accounting for goods and services trade worth almost 113 billion pounds ($138 billion).