In their meeting on the sidelines of the Cityscape exhibition in Riyadh, the Egyptian and Saudi ministers discussed the idea of establishing a joint real estate fund, and it was recommended to form a joint working group between the two ministries to study the idea and determine the most appropriate ways to enhance partnership opportunities between the two countries in this field, according to a statement by the Egyptian Ministry.
The two ministers discussed activating the role of the Egyptian-Saudi Real Estate Council, by organizing a joint annual forum between the two sides to present the investment opportunities available to investors in the two countries.
El-Sherbiny stressed the keenness of the Egyptian state, represented by the Ministry of Housing, to create the appropriate climate for investment, solve problems and overcome obstacles facing Saudi investors during their work in the Egyptian market.
He pointed out that work is being done through the Council of Ministers to solve problems and overcome obstacles, and the Ministry is sparing no effort to overcome obstacles and solve problems facing investors.
The presentation of this idea comes in conjunction with numerous reports indicating Egyptian-Saudi negotiations to conclude a large investment deal in the field of real estate and urban development, similar to the Ras al-Hikma deal with the UAE.
A few days ago, the representative of the Housing Committee in the Egyptian House of Representatives, Tariq Shukri, said that there is a possibility for Egypt to sign an investment agreement with Saudi Arabia soon, in light of ongoing negotiations between the governments of the two countries, after Egypt granted special guarantees to a number of countries, including the Kingdom and the Emirates.
Egypt and Saudi Arabia have recently worked to develop their economic cooperation and pump investments. Last October, the two countries signed an agreement to protect and encourage investments between the two countries, during the visit of Saudi Crown Prince Mohammed bin Salman to Cairo. This opens the door for Saudi companies to pump billions of dollars into the Egyptian economy.
In September, the Saudi Crown Prince directed the Saudi Public Investment Fund to pump urgent investments into Egypt, totaling $5 billion, as a first phase.
Meanwhile, Egyptian Prime Minister Madbouly said that a special unit in the Egyptian Ministry of Investment will work to pay attention to Saudi investments, noting that Egypt now has a package of reforms and investment incentives in sectors such as real estate development, industry, agriculture, tourism, renewable energy, and others.
Source: RT
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**Interview with Dr. Ahmed El-Sherbiny, Egyptian Minister of Housing on the Proposed Joint Real Estate Fund with Saudi Arabia**
**Editor:** Thank you for joining us, Dr. El-Sherbiny. Recently, during the Cityscape exhibition in Riyadh, you discussed the possibility of establishing a joint real estate fund with your Saudi counterpart. Could you elaborate on what this fund aims to achieve?
**Dr. El-Sherbiny:** Thank you for having me. The proposed joint real estate fund symbolizes a significant step towards strengthening economic partnerships between Egypt and Saudi Arabia. Our aim is to pool resources to explore and develop real estate opportunities that benefit both nations. By establishing this fund, we hope to attract more investors and foster a collaborative environment for sustainable development.
**Editor:** That sounds promising. You also mentioned the formation of a joint working group. What will the focus of this group be?
**Dr. El-Sherbiny:** The joint working group will play a crucial role in studying the fund’s feasibility and identifying the most effective strategies to enhance partnership opportunities. We will analyze market conditions, assess risks, and establish clear frameworks for cooperation to ensure that both Egyptian and Saudi investors see tangible benefits from this collaboration.
**Editor:** In addition to the fund, you spoke about activating the Egyptian-Saudi Real Estate Council. How do you envision its role moving forward?
**Dr. El-Sherbiny:** The Real Estate Council will be instrumental in organizing an annual forum dedicated to showcasing investment opportunities in both countries. This platform will facilitate dialogues between investors and stakeholders, helping to align interests and create actionable plans that drive mutual growth.
**Editor:** What measures is your ministry taking to ensure a favorable climate for Saudi investors in Egypt?
**Dr. El-Sherbiny:** We are fully committed to creating a conducive environment for investors. This includes actively listening to their concerns, addressing obstacles, and streamlining regulations. The Council of Ministers is working diligently to resolve any issues that Saudi investors may encounter, ensuring they are supported throughout their investments in the Egyptian market.
**Editor:** Looking ahead, what are your hopes for Egyptian-Saudi collaboration in the real estate sector?
**Dr. El-Sherbiny:** My hope is to see a flourishing partnership that not only boosts economic growth in both nations but also enriches our cultural ties. The real estate sector has immense potential, and I am optimistic that our continued cooperation will lead to innovative projects that benefit our communities.
**Editor:** Thank you for sharing your insights, Dr. El-Sherbiny. We look forward to seeing how these initiatives develop.
**Dr. El-Sherbiny:** Thank you for having me. The future is bright for Egyptian-Saudi cooperation!