Thursday 19 backend.Sep
Saudi Minister of Investment, Khalid Al-Falih, revealed that Saudi Arabia is set to significantly increase its investments in Egypt through its Public Investment Fund (PIF) and by converting existing Saudi deposits into direct investments.
In statements following his
meeting with Dr. Mostafa Madbouly, the Prime Minister, in the New Alamein City
on Thursday, Al-Falih said that Saudi Arabia and Egypt are committed to
strengthening their bilateral relationship across all sectors.
Saudi Arabia is already Egypt's
largest investor, and there is a shared ambition to double these investments.
By converting Saudi deposits into direct investments and channeling more funds
through the Public Investment Fund, the two countries aim to significantly
enhance economic cooperation.
"I have previously engaged
with Saudi investors in Egypt to explore opportunities for expanding Public
Investment Fund contributions and transforming Saudi deposits into investments.
I can confirm that there is a clear mandate to advance these initiatives,"
the minister stated.
The Saudi Investment Minister
declared, "We perceive Egypt as a complementary economy to the Kingdom, as
well as a lucrative market and essential platform for regional exports. These
elements collectively motivate our efforts to augment our investments in
Egypt."
He indicated that the Saudi delegation has been diligently collaborating with relevant Egyptian ministers in Alamein over the past two days to explore a wide range of joint initiatives that will serve to broaden bilateral relations.
