Saudi-Egyptian Investment​ Protection Agreement⁣ to ⁣Take Effect in Two Months

Egyptian Prime Minister ⁢Dr. ‌Mostafa Madbouly announced that the Saudi-Egyptian investment protection agreement is nearing completion and ‍will ​come into effect ⁣within two months. This development⁣ aims to resolve the remaining challenges facing Saudi investors ‌in Egypt by the end of the year.

During a ‍meeting ​with the ‍Saudi private sector ⁣at the ⁢Saudi Chambers Union headquarters, ⁣Dr. Madbouly emphasized ⁢the⁣ importance of strengthening ‍economic ties between the two nations.⁤ The meeting was⁤ attended by several ministers and officials ⁢from both the public and private sectors.

Reforms and Investment Incentives

Dr. Madbouly highlighted ‌that Egypt has implemented a package of reforms and investment incentives in various sectors,⁤ including real estate development,⁤ agricultural industry, tourism, and renewable energy. These efforts have contributed to ⁣controlling ⁢challenges affecting fiscal and monetary policy, as well as the​ exchange rate of⁢ the Egyptian pound.

Improving​ Business Environment

Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi stated⁢ that significant efforts are being ‍made ⁤to improve the‌ business environment between Saudi Arabia and Egypt, with‍ the goal of attracting investment and strengthening economic⁣ relations between the two countries.

Saudi-Egyptian Cooperation

Minister of Investment⁢ Engineer Khalid bin Abdulaziz Al-Falih emphasized that the ⁤Saudi-Egyptian relationship serves as a model for closer Arab cooperation, ‌driving economic growth in the region. The volume of trade ⁢exchanges between ‍Egypt and‍ Saudi Arabia reached over 124 billion in ⁢2022 and‍ 2023, with approximately 5,767 licenses granted to Egyptian investors in the Kingdom.

Resolving Obstacles and Providing Assistance

Egyptian Investment ⁤and​ Foreign ⁣Trade ⁤Minister Engineer Hassan Al-Khatib noted that his ministry’s ⁤primary role is to listen to Egyptian and Saudi investors, addressing their concerns ⁢and providing assistance. He reported that‍ 75% of the obstacles affecting the commercial sector⁤ have been resolved, with ‌the ⁢remaining 25% being addressed.

Increasing Exports and Investment Opportunities

Minister Al-Khatib emphasized the ministry’s efforts to increase exports to $145 billion by providing more investment ⁣solutions. ⁣He also encouraged ⁣Egyptian investors to benefit from the opportunities presented by Saudi Arabia’s Vision 2030.

Saudi-Egyptian⁤ Business Council

The Chairman of the Saudi-Egyptian Business Council, Bandar Al-Amiri, expressed optimism about the future of Saudi-Egyptian ‍relations, highlighting the important role of the Council in pursuing and negotiating the Saudi-Egyptian Investment Protection Agreement.