- Egypt and Saudi Arabia discussed enhancing bilateral relations, focusing on joint investment efforts.
- Saudi Arabia plans to increase investments in Egypt and convert existing deposits into investments.
- The Saudi Public Investment Fund (PIF) currently holds approximately $3 billion in investments in Egypt.
- Egypt resolved 70% of issues faced by Saudi investors, aiming for a more favourable investment climate.
Egypt and Saudi Arabia are set to enhance their bilateral relations across various sectors. In a recent meeting held in New Alamein, Egypt’s Prime Minister Mostafa Madbouly welcomed Saudi Minister of Investment Khalid Al-Falih and his delegation. The discussion focused on strengthening joint cooperation, particularly in the investment sector.
Saudi Arabia has announced plans to increase investments in Egypt and convert their existing deposits into investments. This strategic move underscores the commitment of both nations to elevate their economic ties. During the meeting, Madbouly emphasized Egypt’s eagerness to push bilateral relations to new heights, highlighting the priority of boosting joint investments.
Madbouly also pointed out the Egyptian government’s efforts to address issues faced by investors. He proudly stated that 70% of the problems encountered by Saudi investors in Egypt have been resolved. This proactive approach aims to create a more favorable investment climate and encourage further Saudi investments.
Currently, the Saudi Public Investment Fund (PIF) has invested approximately $3 billion in Egypt. This significant financial commitment reflects the strong economic partnership between the two countries.
The meeting concluded with a call to expedite the completion of the joint investment protection agreement. This agreement is expected to provide a more secure and stable environment for investments, further solidifying the economic collaboration between Egypt and Saudi Arabia.
Overall, the meeting in New Alamein marks a pivotal step in strengthening the economic ties between Egypt and Saudi Arabia, promising a future of increased cooperation and mutual growth.
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Last Updated on August 2, 2024 by Safiya K
