The Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla signed a memorandum of understanding (MoU) with the Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef for technical cooperation in exploration, exchange of geological information, training, and skill development within the mining sectors of both countries.
The MoU was signed on the sidelines of the third International Mining Conference, held in Riyadh between 9 and 11 January, according to a cabinet statement on Tuesday 9/1/2024.
El-Molla highlighted Egypt’s strides in fostering a conducive investment climate for mining, given the ongoing legislative and financial reform initiatives.
He added that his ministry is committed to extracting maximum value from the sector’s growth, advancing the comprehensive modernization program, attracting new investments, and driving digital transformation in mining activities.
Aligned with El-Molla’s vision, Alkhorayef affirmed the joint commitment to strengthen collaborative mining e
fforts and facilitate the private sector’s investment in the mining sectors of both countries.
Both ministers have agreed to form a joint team responsible for outlining and implementing the necessary procedures stipulated in the MoU, ensuring its effective activation and implementation.
Over the years, Egypt and Saudi Arabia have maintained warm relations in various fields, including politics, economics, and security.
Saudi investments in Egypt reached $6.3 billion in 7,444 projects in sectors such as industry, construction, tourism, services, and telecommunications, among others.
Source: State Information Service Egypt