Saudi-Egyptian Investment Protection Agreement Set For Activation

Egyptian Prime Minister Dr. Mostafa Madbouly revealed that the Saudi-Egyptian Investment Protection Agreement is now complete and will be operational within two months. He assured that the remaining issues faced by Saudi investors in Egypt will be addressed by year-end.

During a meeting with the Saudi private sector at the Federation of Saudi Chambers, attended by ministers and officials from both nations, Madbouly stressed Egypt's dedication to supporting Saudi investments. A special unit within Egypt's Ministry of Investment will oversee these investments. The government has already resolved 90 issues affecting Saudi investors, leaving only 14 unresolved.

Madbouly highlighted recent reforms and incentives in various sectors such as development, real estate, industry, agriculture, tourism, and renewable energy. He pointed out that Egypt has effectively managed challenges related to financial and monetary policies, especially the exchange rate of the Egyptian pound.

Minister of Commerce Majid Al-Kassabi emphasized efforts to enhance the business environment between the two countries. He noted that activating the Saudi-Egyptian Investment Protection Agreement would further solidify economic ties.

Minister of Investment Khalid Al-Falih praised the close cooperation between Saudi Arabia and Egypt. He described their relationship as a model for Arab cooperation that fosters regional economic growth. Trade between the two countries exceeded SAR 124 billion during 2022 and 2023, with 5,767 licenses granted to Egyptian investors in Saudi Arabia.

New Developments in Economic Relations

The meeting also focused on new developments in Saudi-Egyptian economic relations. Discussions included opportunities for integration, cooperation to access African markets, and comparative advantages in various investment sectors.

The commitment from both sides signifies a strong future for economic collaboration. With ongoing efforts to resolve remaining challenges and activate new agreements, the partnership is poised for significant growth.

With inputs from SPA