An Egyptian government delegation is visiting Riyadhheaded by the Egyptian Prime Minister, Mostafa Madbouly, who held several meetings throughout the day and yesterday with Saudi ministers and investors.
During the meeting of the Egyptian Prime Minister with investors at the Federation of Saudi Chambers today, Saudi Minister of Investment Khalid Al-Falih said that the agreement to protect and encourage Saudi investments in EgyptIt is about to be completed and will be presented to the Saudi government and Shura Council soon.
Al-Falih said that the Egyptian market has become a truly promising market for Saudi investors, adding that Egypt represents one of the most important strategic partners of the Kingdom, as the volume of trade exchange between the two countries amounted to more than 124 billion riyals during the years 2022 and 2023, according to a statement from the Egyptian Cabinet.
During the same meeting, Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, said that he hopes that the agreement to protect and encourage joint investments will contribute to achieving benefits for both sides in terms of increasing investment rates and exchanging expertise on a wider scale.
For his part, Egyptian Prime Minister Mostafa Madbouly confirmed that work is currently underway to finalize the investment protection agreement with Saudi Arabia, and that it will be activated within two to three months at most.
A statement from the Egyptian Cabinet yesterday referred to Madbouly’s meeting with Saudi Investment Minister Khalid Al-Falih at the beginning of the Egyptian delegation’s visit to Riyadh. The statement quoted the Saudi minister as saying: “We have reached broad understandings between the technical and executive teams concerned with discussing the terms of the agreement to encourage and protect investment between Egypt and the Kingdom, and we hope that the agreement will serve as a tool of confidence and a motivating factor for investors to attract capital for a package of projects.”
The Saudi Minister of Investment indicated that there is a tendency on the Saudi side to convert its deposits in the Central Bank of Egypt into investments, by the Public Investment Fund.
