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.