Egypt Daily News – The Saudi Minister of Investment, Khalid Al-Falih, announced that Saudi Arabia is the largest investor in Egypt and expressed a commitment to collaborating with the Egyptian Minister of Investment to enhance and potentially double these investments.
During a meeting with Egyptian Prime Minister Mostafa Madbouly, Al-Falih highlighted ongoing efforts to approach Saudi investors in Egypt and encourage them to expand their current investments. He also indicated a desire to increase the investments of the Saudi Public Investment Fund in Egypt and to convert deposits into direct investments.
Al-Falih emphasized the strategic importance of Egypt as a complementary partner to Saudi Arabia, viewing it as a promising market with significant potential for exporting to the broader region.
He elaborated on various projects currently being undertaken by Saudi investors in Egypt, advocating for their expansion, while also acknowledging the contributions of Egyptian investors in Saudi Arabia.
Prime Minister Madbouly underscored the seriousness of both governments in enhancing bilateral relations and increasing joint investments in various sectors.
He noted substantial progress made by the Egyptian government in addressing issues faced by investors, particularly Saudi investors, with a reported resolution of 70% of their concerns thanks to cooperation with the Saudi Embassy in Cairo. Madbouly expressed personal commitment to oversee this critical initiative aimed at fostering investment and cooperation between the two nations.
The Prime Minister of Egypt emphasized the importance of facilitating Saudi investments in Egypt and expressed the government’s commitment to attracting more foreign investments.
He highlighted the progress made on the “Agreement to Protect and Encourage Mutual Investments” between the two nations, noting that most terms have already been agreed upon, with just a few points still under discussion.
The aim is to expedite the finalization of this agreement, as it is expected to significantly boost joint investment rates.
Khalid Al-Falih, the Saudi Minister of Investment, reinforced the importance of strengthening bilateral relations across various sectors and mentioned that the Saudi delegation has been actively collaborating with Egyptian ministers in El Alamein to discuss numerous initiatives that would enhance their partnership.
Miteb Al-Shathri from the Saudi Public Investment Fund reported that the Fund currently has about $3 billion invested in Egypt and highlighted ongoing cooperation with Egypt’s Sovereign Fund, particularly through the IPO program. He shared success stories of private sector collaborations between Saudi and Egyptian companies.
Bandar Al-Amiri, Chairman of the Egyptian-Saudi Business Council, expressed gratitude for the Egyptian government’s efforts to address challenges faced by Saudi investors, stating that about 80% of these issues have been resolved.
He projected that finalizing the investment agreement will have a positive impact, potentially doubling Saudi investments in Egypt. Al-Amiri also noted a remarkable increase in the number of Egyptian companies in Saudi Arabia, which grew from 500 to 4,000, alongside a dramatic rise in their investment levels, reflecting a significant strengthening of economic ties between the two countries.
During the meeting, Minister of Investment and Foreign Trade, Hassan Al-Khatib, emphasized the ministry’s dual focus on supporting existing investments and tackling ongoing issues in the Egyptian market while simultaneously attracting new investments.
He prioritizes investment from the private sector, identifying Egypt as a land of promising investment opportunities. Al-Khatib highlighted the significance of Egypt’s partnership with Saudi Arabia, expressing a desire to enhance collaboration across various sectors, including trade, industry, and tourism.
He elaborated on several investment opportunities within the Egyptian market, particularly emphasizing the importance of Saudi investment.
In concluding remarks, Prime Minister Madbouly stressed the urgency of finalizing an agreement designed to protect joint investments and called for work teams to expedite this process.
Meanwhile, the Saudi Minister of Investment acknowledged the vast opportunities in Egypt but also noted the significant challenges. He reiterated his government’s commitment, guided by the Saudi leadership, to partnering with Egypt to benefit both nations’ populations.
