Saudi Arabia: Saudi Arabia’s Minister of Investment Khalid Al-Falih emphasized the Kingdom’s commitment to enhancing trade relations with Egypt at the start of a two-day visit in New Alamein City on Friday.

The discussions with his Egyptian counterpart focused on strengthening economic ties and expanding joint investment initiatives

Al-Falih said: “We see Egypt as a complement to the Kingdom and also as a promising market and an important platform for exporting to the region’s countries.”

He also indicated plans to collaborate with the Egyptian Minister of Investment to “give these investments a greater chance to double and encourage Saudi investors to expand their existing investments.”

Egyptian Prime Minister Mostafa Madbouly affirmed the government’s commitment to fostering a favorable environment for Saudi investments.

“We are keen to follow up on everything related to Saudi investments in Egypt, and I direct to facilitate all procedures related to them, contributing to attracting more new investments, which is a general trend of the Egyptian government during this phase,” he said.

Economic relations between the two nations have recently seen notable growth, with Saudi investments in Egypt reaching $32 billion as of September 2023. Egyptian companies also secured a significant share of investment licenses issued by the Saudi Ministry of Investment, capturing 30 percent of the 3,157 licenses granted in the first quarter of the year.

The meeting also reviewed the mutual funding protection and promotion agreement, which was initiated last year to facilitate and safeguard investments made by each country in the other’s territory.

Madbouly highlighted the importance of this agreement, noting: “We have made significant progress in agreeing on most of the agreement’s clauses, and there are a few points currently being discussed between the two parties.” He assured, “I personally ensure close monitoring of this important file,” adding that the Egyptian government has resolved 70 percent of the challenges faced by Saudi investors.

Al-Falih acknowledged the significant investment opportunities in Egypt while recognizing the challenges. He reiterated the Saudi leadership’s directive to partner with Egypt for mutual benefits, stating: “We will work together to solve the remaining of these issues, and at the same time, we will work on attracting new investments.”

Muteb Al-Shathri, a representative of PIF, confirmed that the fund’s investments in Egypt currently amount to approximately $3 billion. He noted ongoing cooperation between the Saudi fund and the Egyptian Sovereign Fund through the Egyptian government’s offering program.

Hassan El-Khatib, Egypt’s newly appointed investment minister, echoed the commitment to nurturing existing Saudi investments in Egypt.