Cairo, Riyadh discuss expansion of Saudi investments in Egypt

Egyptian Prime Minister Mostafa Madbouly yesterday held talks with Saudi Investment Minister Khalid Al-Falih, focusing on increasing the kingdom’s investments in Egypt.

The discussions took place in Riyadh at the start of Madbouly’s official visit to the kingdom, according to a statement from the Egyptian Cabinet.

Madbouly and Al-Falih discussed several important investment topics of mutual interest with the participation of the Egyptian delegation and their Saudi counterparts.

He highlighted the robust investment partnership between Egypt and Saudi Arabia, noting that it generates significant profits for both nations, Anadolu reported.

“We are fully committed to providing all possible political and economic support to achieve this,” Madbouly added. He also emphasised the implementation of measures aimed at resolving any challenges faced by Saudi investors

For his part, Al-Falih reaffirmed the strength of the relationship between Cairo and Riyadh and stressed the importance of further expanding joint investments. “We have reached significant understandings between the technical and executive teams tasked with discussing the terms of the Investment Promotion and Protection Agreement between Egypt and the kingdom,” he said.

He stressed that the agreement would serve as a confidence-building tool and a catalyst for investors, encouraging capital flows into several projects.

Al-Falih further revealed that Egypt ranks among the top five countries receiving Saudi investments. “One of my main responsibilities is to support Saudi investors and ensure their protection, especially in friendly nations like Egypt,” he said.

According to Al-Falih, there is an ongoing effort to convert Saudi deposits into investments through the Saudi Public Investment Fund, as the fund’s experience in Egypt has been positive in several projects, and he expressed hope for the swift ratification of the investment agreement, which would raise joint investments.