Egypt, Saudi Arabia Prepare Major Red Sea Development Project: FM Badr Abdelatty

Egypt and Saudi Arabia are preparing to launch a large-scale real estate and tourism development project on the Red Sea, Egypt’s Foreign Minister Badr Abdelatty told Alqahera News. 

Abdelatty, who is also responsible for migration and expatriates’ affairs, said his recent visit to Saudi Arabia underscored the “exceptional level of coordination” between the two countries. “Egypt and the Kingdom are the two wings of the Arab and Islamic nations. All cooperation between them ultimately serves the interests of the Arab and Islamic worlds,” he noted.

The minister emphasized that there is strong potential to expand economic, trade, and investment relations, citing extended talks held with Saudi ministers on industrial integration, joint manufacturing, and boosting bilateral exports. “There are many goods the Kingdom imports from distant regions that are available in Egypt, and vice versa,” he explained.

Abdelatty highlighted progress in improving the investment climate in Egypt, including incentives for investors and the recently concluded bilateral investment protection agreement. He described the accord as “a highly significant step in attracting more Saudi investments into Egypt.”

On the Red Sea initiative, the minister said preparations are already underway for what he described as “a massive Saudi developmental, real estate, and tourism project.” He added that the project is expected to deliver “very positive results” for bilateral ties and will strengthen long-term cooperation.

“More than 90 percent of the challenges that Saudi investors once faced in Egypt have now been resolved,” Abdelatty said. “With the state’s current focus on creating a favorable investment environment, we look forward to greater Saudi participation in promising sectors such as renewable energy, water desalination, petrochemicals, mining, pharmaceuticals, and automotive manufacturing.”

He concluded that Egypt and Saudi Arabia are committed to building on their “historic relationship” by ensuring that all joint projects are based on the principle of mutual benefit, thereby guaranteeing the sustainability of shared interests.