The Kingdom of Saudi Arabia aims to convert its deposits in Egypt, which exceed billions of dollars, into investments in a number of sectors in the Egyptian market, as the governments of the two countries seek to raise the level of relations between them in all fields.
Egypt succeeded in implementing export operations worth $2.7 billion to the Kingdom of Saudi Arabia during the past year, in addition to the huge investment projects that the Kingdom intends to implement in cooperation with Egypt.
During the last two years, the Kingdom has aimed to implement projects with Egypt in the fields of energy, petroleum, food industries, pharmaceuticals, information technology, cybersecurity, and media, starting from the second half of 2022, as the Kingdom signed 14 agreements with investments worth more than 29 billion riyals between the Saudi and Egyptian private sectors.
In 2023, Egypt and the Kingdom signed a number of agreements in various sectors to increase cooperation between the two countries, especially in the economic fields, including two memoranda of understanding between the two countries in the fields of developing non-oil exports, developing the automotive industry and other fields, at a time when Saudi investments in Egypt reached 6 billion dollars in the sectors of industry, construction, tourism, agriculture, services, finance, communications and information technology, according to Egyptian Minister of Trade and Industry Ahmed Samir.
Yesterday, Thursday, Egyptian Prime Minister Mostafa Madbouly held a meeting with Saudi Investment Minister Khalid Al-Falih at the government headquarters in New Alamein City.
In this regard, Dr. Mostafa Madbouly said: “We are keen as a government to push bilateral relations between the two countries in all fields to greater levels, stressing that cooperation to increase joint investments is a priority for the two countries.”
During the meeting, the Prime Minister touched on the tireless efforts made by the Egyptian government over the past period to solve the majority of investors’ problems in Egypt through cooperation with the Embassy of the Kingdom of Saudi Arabia, which played an important role in working to solve these problems.
In this context, Dr. Mostafa Madbouly pointed out that the Egyptian government succeeded in solving 70% of the problems of Saudi investors, stressing: “I am personally keen to follow up on this important file.”
The Prime Minister continued: “We are keen to follow up on everything related to Saudi investments in Egypt, and I direct that all procedures related to them be facilitated, in a way that contributes to attracting more new investments, and this is a general direction from the Egyptian government during this stage.”
The Prime Minister then moved on to talk about the “Agreement to Protect and Encourage Mutual Investments between the Two Countries,” noting that he is keen, in cooperation with the relevant ministers, to quickly put the final touches on the agreement, which will contribute significantly to increasing the rates of joint investment between Egypt and the Kingdom of Saudi Arabia.
Khalid Al-Falih stressed that the governments of the Kingdom of Saudi Arabia and Egypt seek to raise the level of relations between the two countries in all fields.
The Saudi Minister of Investment said that for two days, the Saudi side here in El Alamein has been working like a “beehive” with the concerned Egyptian ministers, in order to discuss many joint files that will contribute to pushing bilateral relations to broader horizons.
Regarding Saudi investments in Egypt, Al-Falih said that the Kingdom is the largest investor in Egypt, adding: “I will work in cooperation with my colleague, the Egyptian Minister of Investment, to give these investments a greater opportunity to double them, and encourage Saudi investors to expand their existing investments.”
The minister continued: “I have already met with Saudi investors in Egypt to work on this, and I confirm that we have a tendency to increase the investments of the Saudi Public Investment Fund in Egypt, and we also have a tendency to convert our deposits in Egypt into investments.”
The Saudi Minister of Investment added, “We view Egypt as a complement to the Kingdom, and also as a promising market and an important platform for exporting to the countries of the region,” noting that all of these factors make us work to increase our investments in Egypt.
Source: RT
#Saudi #Arabia #intends #pump #billions #Egypt
2024-08-03 04:53:01
