Egypt, Saudi Arabia Cooperate To Boost Bilateral Investments

Prime Minister Mostafa Madbouly engaged in discussions with Saudi Minister of Investment, Khalid Al-Falih, focusing on enhancing cooperation and fostering investments between their nations. During their meeting, Madbouly highlighted Egypt's success in resolving 70 percent of the issues faced by Saudi investors. He emphasized the ongoing efforts by both the Egyptian and Saudi Arabian governments to escalate mutual investments. Madbouly reiterated Egypt's commitment to overseeing and streamlining processes related to Saudi investments, aiming to attract a greater influx of new investments. The Prime Minister proceeded to address the bilateral agreement aimed at safeguarding and promoting mutual investments between the two countries, expressing eagerness to collaborate with relevant ministers for its swift implementation. This agreement is poised to significantly elevate joint investment levels between Egypt and Saudi Arabia. Muteb Al -Shathri, Senior Director at the Public Investment Fund of Saudi Arabia (PIF), disclosed that the fund's investments in Egypt stand at approximately $3 billion. Furthermore, Bandar Al-Amiri, the head of the Saudi-Egyptian Business Council, noted a substantial increase in Egyptian companies operating in Saudi Arabia, rising from 500 to 4,000 companies. Al-Amiri highlighted a remarkable surge in Egyptian companies' investments, which surged from 5 billion Saudi riyals to 50 billion Saudi riyals. Source: State Information Service Egypt