Egypt, S. Arabia strengthen investment co-operation – PM

Egypt’s Prime Minister Moustafa Madbouly emphasised the importance of enhancing Egypt-Saudi Arabia relations across various sectors, particularly in joint investments.

Madbouly called for the swift finalisation of an agreement aimed at protecting joint investments. He directed officials to streamline related procedures in cooperation with the Saudi embassy in Egypt.

The Egyptian government has made significant progress in resolving issues faced by Saudi investors. Approximately 70 per cent of these challenges have been successfully addressed, with Madbouly personally overseeing this crucial matter.

Saudi Arabia has witnessed a remarkable expansion of Egyptian companies operating in the Kingdom, growing from 500 to 4,000 firms.

On the other hand, Egyptian investments in the Kingdom have skyrocketed from five billion Saudi riyals to an impressive 50 billion Saudi riyals, marking a substantial leap in economic ties between the two countries.

Highlighting further collaboration, the Saudi Public Investment Fund’s companies have invested approximately three billion dollars in Egypt.

This cooperation extends to the Egyptian Sovereign Fund through the government’s privatisation programme, according to a statement by the Cabinet.

Attribution: the Cabinet statement