Madbouly added, according to a statement by the Egyptian Cabinet on Thursday, that these investments will be in addition to the investments that the Saudi private sector is scheduled to enter, in which he has shown great interest.
Madbouly added: “I met with the Federation of Chambers Saudi ArabiaWe met with major investors there, and there was a very strong interest in increasing investments in the coming period.”
About the areaBanas headThe Egyptian Prime Minister pointed out that the Ras Banas area will not be the only one, but the Egyptian government has previously identified 4 to 5 large areas on the Red Sea coast, targeting development in them similar to the large development centers that were established, such as the Ras El-Hikma deal.
Madbouly said: “Our vision is to achieve integrated development so that each of the five regions is part of a complete city, and therefore these regions will be offered because the whole goal is for the Egyptian state to enter into major partnerships to attract foreign direct investment to develop these very promising regions from a tourism and development perspective.”
He added: “Ras Banas is one of these areas, but it is not the only one. There are many other areas planned for integrated urban development to include all activities and contain an airport, a port and a marina for international tourism. All of this is taking place within the framework of our targeting of attracting foreign direct investment during the coming period.”
The Prime Minister pointed out that his meeting with His Royal Highness the Saudi Crown Prince Prince Mohammed bin Salman Addressing the file of encouraging Saudi investment in Egypt During the coming period, explaining that the draft agreement for the protection and encouragement of joint Egyptian-Saudi investments has been completed, which is a mutual and joint agreement between the two sides, meaning the protection of Saudi and Egyptian investments as well, noting that Egypt has signed similar bilateral agreements with many Arab countries.
The Prime Minister pointed out that there are also Egyptian investments in Kingdom of Saudi ArabiaThe Saudi Minister of Investment pointed out that there are currently more than 5,700 Egyptian companies operating in the Kingdom, and that there will be an investment volume for projects implemented by these companies amounting to 70 billion Saudi riyals.
Madbouly said: “There are Saudi investments in Egypt, as well as Egyptian investments in Saudi Arabia. We are seeking in both countries to create a kind of integration and partnership between Egyptian and Saudi companies and to establish joint entities to enter new markets during the coming period, such as African markets,” expressing his aspiration to increase foreign direct investment in Egypt during the coming period.
Madbouly said that part of the objectives of the visit to the Kingdom of Saudi Arabia was to emphasize the importance of accelerating the electrical connection with the Kingdom, to achieve a common interest between the two parties by exchanging loads together during peak hours.
He stressed that work is progressing in this direction with the Saudi side, so that we can complete the first phase before next summer.
