Engineer Tariq Shukri, Undersecretary of the Housing Committee in the Egyptian House of Representatives, said that the efforts made by the Ministries of Finance and Investment to remove obstacles will bear fruit during the coming period.
Many reports during the recent period indicated that Saudi Arabia aims to invest in developing Ras Jamila Island in the Red Sea, similar to the huge deal between Egypt and the Emirates to develop the Ras Al-Hikma region in the Mediterranean, but the two countries have not yet reached an agreement.
The Egyptian parliamentarian said in television statements on Friday: “We are talking about the possibility of soon signing an agreement with Saudi Arabia on one of the projects, and another country is talking about a project in the Administrative Capital, and we have more than one investment opportunity.”
Shoukry considered that “Egypt is the land of opportunities,” stressing that attracting investments receives great attention from the Egyptian state.
He pointed out that the Egyptian Council of Ministers documented special guarantees for a number of countries, including Saudi Arabia and the Emirates, with regard to investment guarantees. To fully protect and guarantee its investments.
Egypt signed a “historic” agreement to develop the Ras El Hekma area on the Mediterranean coast with the UAE last February, with investments worth estimated at about $150 billion, making it the largest foreign investment deal in Egypt’s history. The projects include building residential areas and tourist resorts. With expectations that it will add about 25 billion US dollars annually to the Egyptian domestic product,
The Egyptian government is seeking to repeat the experiment in five other coastal areas on the Red Sea coast, including the Ras Jamila area near the Saudi coast, in the far south of Sinai, near the islands of Tiran and Sanafir, at the entrance to the Gulf of Aqaba.
Last September, Egyptian Prime Minister Mostafa Madbouly revealed that the government had received offers to develop 5 areas on the Red Sea coast, similar to the Ras El Hekma deal. He said that the government had nothing to announce in this regard yet, but he revealed that offers had already been received regarding the areas. The five allocated by the Egyptian government, to be offered to investors.
He said: “There are requests that have been submitted, but we do not take them seriously until after negotiations and matters are completely resolved, and then we will announce that when we come up with something that can be announced.”
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 with a total of $5 billion as a first phase. This came after a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh.
For his part, 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.
He also pointed to the government’s success in controlling the challenges that affect financial and monetary policy and the exchange rate of the Egyptian pound.
Source: RT + Al Shorouk
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**Interview with Engineer Tariq Shukri, Undersecretary of the Housing Committee in the Egyptian House of Representatives**
**Interviewer:** Thank you for joining us today, Engineer Shukri. Let’s dive right in. We’ve recently heard about Saudi Arabia’s plans to invest in Egypt, specifically in developing Ras Jamila Island. What details can you provide about this potential investment?
**Engineer Shukri:** Thank you for having me. Yes, we are optimistic about the Saudi investment in Ras Jamila Island. Saudi Arabia’s intention to invest, reportedly around $5 billion, aligns with our national goal of attracting foreign investment to stimulate economic growth. We are currently in discussions and I believe we will see an agreement signed soon, especially since we are exploring multiple investment opportunities.
**Interviewer:** That sounds promising. You mentioned other countries are showing interest as well. Can you elaborate on that?
**Engineer Shukri:** Certainly. While Saudi Arabia is a major player, we are also in talks with other countries regarding projects within Egypt. For instance, an agreement is in the works for a project in the New Administrative Capital. Our government is keen to showcase that Egypt is brimming with investment opportunities, and we are dedicated to facilitating these processes.
**Interviewer:** What measures is the Egyptian government taking to ensure these investments are secure and attractive?
**Engineer Shukri:** The Egyptian Council of Ministers has implemented special guarantees for investments, particularly focusing on those from Saudi Arabia and the UAE. We are committed to providing a safe environment for investments, ensuring that investors have confidence in the security of their capital. Our recent agreement with the UAE for Ras El Hekma, worth $150 billion, exemplifies how we are creating a robust framework for investment.
**Interviewer:** Speaking of the Ras El Hekma deal, how does that influence what Egypt is trying to achieve with other locations, like those on the Red Sea?
**Engineer Shukri:** The success of the Ras El Hekma project serves as a model that we aim to replicate in five other coastal areas along the Red Sea, including Ras Jamila. We believe that by developing these areas, we will not only attract significant foreign investment but also enhance our local economy—estimating an annual addition of $25 billion to our GDP from such projects.
**Interviewer:** Lastly, what is your vision for the future of investment in Egypt, particularly in the housing and tourism sectors?
**Engineer Shukri:** I envision Egypt becoming a premier destination for foreign investment, especially in housing and tourism. We have abundant resources and a strategic location. The focus will be on sustainable development that balances economic growth with environmental preservation. As we work towards these goals, I am confident that Egypt will solidify its position as “the land of opportunities.”
**Interviewer:** Thank you, Engineer Shukri, for your insights. It certainly sounds like an exciting time for investment in Egypt.
**Engineer Shukri:** Thank you for having me. I’m eager to see how these developments unfold.
