Tuesday 31 Dec
Prime Minister, Moustafa Madbouly, met with Saudi Minister of Investment, Engineer Khalid Al-Falih to discuss a number of investment opportunities of mutual interest.
Ahmed Kouchouk, Minister of
Finance, attended the meeting as well as Engineer Hassan Al-Khatib, Minister of
Investment and Foreign Trade, and Ambassador Ahmed Farouk, Egypt's Ambassador
to Riyadh. Representing Saudi Arabia were Ambassador Saleh bin Eid Al-Hussaini,
the Ambassador of the Kingdom of Saudi Arabia to Egypt, and a number of
officials from the Saudi Ministry of Investment.
Madbouly began the meeting by
emphasizing the strong investment partnership between Egypt and Saudi Arabia.
He noted that this partnership benefits both countries significantly and will
be further strengthened by the upcoming signing of the investment promotion and
protection agreement.
The Saudi Minister of Investment
underscored the robust bilateral ties between Cairo and Riyadh and emphasized
the need for expanding joint investments. Al-Falih noted that both countries have
reached significant understandings between the technical and executive teams
concerned with discussing the terms of the investment promotion and protection
agreement. He expressed optimism that this agreement would serve as a tool of
confidence and an incentive for attracting foreign capital to a range of joint
projects.
Al-Falih commended the Egyptian
government's efforts to address the concerns of Saudi investors operating in
Egypt. He noted that a recent inventory of Saudi investments abroad revealed
Egypt as one of the top five destinations. A emphasized the importance
of supporting and protecting Saudi investors, particularly in friendly
countries like Egypt.
The minister stated that he has
heard from investors and witnessed Dr. Madbouly’s personal commitment to
resolving the issues faced by Saudi investors in Egypt. He said that he is
aware of the prime minister’s keenness to personally meet Saudi investors to
address their concerns, working closely with his assistants, including Engineer
Randa Al-Menshawy, who is following up on resolving these issues
comprehensively.
He highlighted the Saudi side's
keen interest in investing in Egypt during this phase, noting that he had met
with Engineer Hassan Al-Khatib to discuss this matter. He reviewed the efforts of numerous Saudi
investors in Egypt and their significant contribution to the Egyptian economy,
emphasizing that Saudi investors are eager to double their investments in the
country.
Al-Falih indicated that there is
a trend on the Saudi side to convert deposits into investments, by the Saudi
Public Investment Fund, especially since the fund's experience in investing in
Egypt has been good in several projects.
He added, "I am optimistic
about the current government's trajectory and believe that Saudi investors
share this sentiment. We anticipate the swift approval of the investment
agreement, which will bolster joint investment efforts. We are eager to pursue
substantial future projects in Egypt and hope our investments will attract
additional foreign capital to the country.
Meanwhile, Dr. Moustafa Madbouly
thanked Engineer Khalid Al-Falih for Saudi Arabia's efforts to foster joint
investments between the two countries. He highlighted the significant progress
made so far and emphasized Egypt's keen interest in attracting more Saudi
investments. He assured Saudi investors of Egypt's unwavering commitment to
providing a supportive environment and addressing any challenges they may
encounter, ultimately promoting the success of their projects.
At the end of the meeting, the Saudi Minister of Investment announced plans to arrange meetings between the Prime Minister and his accompanying delegation, and a group of Saudi investors.
