Egypt, Saudi Arabia Strengthen Economic Ties with New Investment Initiatives

Dr. Rania A. Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, met with Khalid A. Al-Falih, Saudi Minister of Investment. The meeting, held in Cairo, also included Saleh bin Eid Al-Huseini, Saudi Ambassador to Egypt, Sara Al-Sayed, Saudi Deputy Head of the Investment Promotion Authority, Mohammed Al Sahib, Undersecretary of the Ministry of Investment for Investment Sector Development, and other key officials.

Dr. Al-Mashat expressed Egypt's commitment to enhancing the investment environment, highlighting the government's dedication to supporting both local and foreign private sectors. She emphasized the importance of Saudi investments in Egypt, noting the active presence of hundreds of Saudi companies in vital and priority sectors. The minister underscored the aim to expand these partnerships further, building on the strong bilateral relations supported by the leadership of both nations.

"The diversification of the Egyptian economy offers promising opportunities for international and regional private sector investments," said Dr. Al-Mashat. "Empowering the private sector drives sustainable growth across various economic sectors and creates job opportunities."

The Egyptian government is focused on creating a competitive economy that attracts investments and enhances financial and economic performance. Dr. Al-Mashat highlighted human development and industry localization as primary goals within the government’s program. The aim is to enhance macroeconomic stability, increase the efficiency of investment spending, and stimulate production to boost the appeal of local products in foreign markets.

During the meeting, Dr. Al-Mashat discussed ongoing efforts with international partners to support structural reforms through budget support financing, which is designed to improve the business environment and encourage private sector investments. She noted that the merger of the Ministries of Planning, Economic Development, and International Cooperation has strengthened macroeconomic stability by efficiently managing investment spending and maximizing economic and social returns.

The meeting between Dr. Al-Mashat and Mr. Al-Falih focused on identifying and enhancing mutual relations, particularly in priority sectors. Both sides acknowledged the importance of private sector investments in driving economic growth and creating employment opportunities. The discussions also covered ways to create a more attractive investment climate that would benefit both nations.

Egypt and Saudi Arabia have a long history of strong economic and political relations. Saudi Arabia is one of the largest investors in Egypt, with significant contributions across various sectors, including energy, real estate, tourism, and agriculture. The partnership between the two nations has been reinforced by numerous bilateral agreements aimed at fostering economic cooperation and development.