Dr. Madbouly emphasized that the governments of Egypt and Saudi Arabia are currently working seriously to elevate the rates of joint investments. He stated, "As a government, we are keen to push bilateral relations between the two countries in all fields to greater levels. Cooperation to increase joint investments is a priority for both countries."
Highlights from the Saudi Investment Minister's Remarks:
Over two days in New Alamein, Saudi delegates have been working intensively with Egyptian ministers on joint projects to strengthen bilateral relations.
Saudi Arabia plans to increase the investments of the Saudi Public Investment Fund in Egypt and convert Saudi deposits in Egypt into investments.
The Kingdom is the largest investor in Egypt and aims to double its investments, encouraging Saudi investors to expand their existing ventures.
The Saudi Investment Minister emphasized viewing Egypt as a complementary market, a promising market, and a significant export platform to the region.
Saudi Arabia's leadership has directed a focus on partnering with Egypt to achieve mutual benefits for both nations.
He confirmed plans to boost Saudi Public Investment Fund investments in Egypt and convert Saudi deposits into investments.
Prime Minister Dr. Mostafa Madbouly held a meeting today at the government headquarters in New Alamein with Saudi Investment Minister Eng. Khalid Al-Falih and his accompanying delegation. The meeting aimed to discuss areas of mutual cooperation between the two countries. The meeting was attended by Investment and Foreign Trade Minister Eng. Hassan Khattab, Saudi Ambassador to Egypt Saleh bin Eid Al-Husseini, CEO of the General Authority for Investment and Free Zones Hossam Heiba, Chairman of the Saudi-Egyptian Business Council Bandar Al-Amri, Deputy Minister of Investment for Development of Investment Relations Mohamed Al-Saheb, Deputy Head of the Saudi Investment Marketing Authority Sarah Al-Sayed, Representative of the Saudi Public Investment Fund Moteb Al-Shathri, and Director General of the Saudi Legislative Policies Agency Abdullah Al-Omair.
The Prime Minister highlighted the diligent efforts made by the Egyptian government over the past period to resolve most of the problems faced by investors in Egypt, in cooperation with the Saudi Embassy, which played an important role in addressing these issues. He pointed out that the Egyptian government has successfully resolved 70% of the problems faced by Saudi investors, stating, "I personally ensure the follow-up on this important issue."
Madbouly added, "We are keen to follow up on all matters related to Saudi investments in Egypt and to facilitate all procedures related to them, which contributes to attracting more new investments. This is a general direction of the Egyptian government during this stage."
The Prime Minister also spoke about the "Agreement on Protection and Promotion of Reciprocal Investments between the two countries," noting that he, in collaboration with the concerned ministers, is keen to expedite the finalization of the agreement, which will significantly contribute to increasing the rates of joint investments between Egypt and Saudi Arabia. He added, "We have made significant progress regarding the agreement, with only a few points left to be discussed by both parties. We must focus our efforts to expedite the finalization of the Agreement on Protection and Promotion of Reciprocal Investments between the two countries."
For his part, the Saudi Investment Minister thanked the Prime Minister for his warm reception in Egypt and his accompanying delegation, expressing his appreciation for Dr. Madbouly's interest in the files of Saudi investors. He said, "My colleagues convey to me your personal interest in Saudi investments, which we greatly appreciate."
Eng. Khalid Al-Falih affirmed that the governments of Saudi Arabia and Egypt are working to elevate the level of relations between the two countries in all fields. He conveyed to the Prime Minister the greetings and congratulations of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness Crown Prince Mohammed bin Salman, Prime Minister of Saudi Arabia. He also congratulated the Prime Minister on renewing confidence in him and his assignment to form the new government by President Abdel Fattah El-Sisi.
The Saudi Investment Minister mentioned that over the past two days, the Saudi side has been working in New Alamein like a "beehive" with the relevant Egyptian ministers to discuss many joint files that will contribute to advancing bilateral relations to broader horizons.
Regarding Saudi investments in Egypt, Al-Falih stated that Saudi Arabia is the largest investor in Egypt, adding, "I will work in collaboration with my Egyptian counterpart to give these investments greater opportunities to double and to encourage Saudi investors to expand their existing investments."
He continued, "I have already met with Saudi investors in Egypt to work on this matter, and I confirm that we have a direction to increase the investments of the Saudi Public Investment Fund in Egypt. We also have a direction to convert our deposits in Egypt into investments."
The Saudi Investment Minister further stated, "We view Egypt as a complement to the Kingdom, as well as a promising market and an important export platform to the region." He indicated that these factors drive them to increase their investments in Egypt.
During the meeting, Al-Falih discussed several important projects being implemented by Saudi investors, explaining the importance of expanding these projects. He also reviewed the areas in which Egyptian investors operate in Saudi Arabia.
Al-Falih praised the diligent efforts made by the Prime Minister in cooperation with the Minister of Investment and Foreign Trade and the First Assistant to the Prime Minister, Eng. Randa El-Menshawy, Head of the Permanent Unit for Solving Investors' Problems, in resolving the issues faced by Saudi investors. He confirmed that he finds a spirit and strong management to solve investors' problems and attract new investments, stating, "We will work together to resolve the remaining issues and simultaneously attract new investments."
Disclaimer and Terms of Use
The data provided on any page at www.egvest.com aren't for any investment decision or taking any action of buy or sell of any asset or investments of any type; the information on this page has been obtained from sources that EGEVST believed to be reliable, we have not independently verified such information, and it may not be accurate or complete.
EGVEST.com published a delayed feed for the Egyptian stock exchange executed stocks and its leading indices through a previous contract with EGID "Egypt for Information Dissemination" the delayed feed is referred to below as "information."
The "information" displayed and published by EGVEST.com could lead to financial losses. It should be used on a personal and only personal responsibility. The "information" contains simplified mathematical calculations that clarify, simplify, and classify the "information" without using any financial valuation methods and don't represent any recommendation to buy, sell or hold financial assets.
The Data source is the Central Bank of Egypt website and on this system for display only without any analysis or recommendations
Comentários