Egypt, Saudi Arabia strengthen economic ties across industrial, mining cooperation

Prime Minister Mostafa Madbouly met with Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, at the government headquarters in Egypt’s New Administrative Capital to discuss deepening collaboration in the industrial and mining sectors. The high-level meeting, attended by senior officials from both nations, focused on advancing mutual investments and fostering economic integration.

 

 

Prime Minister Madbouly highlighted Egypt’s vast investment opportunities in the industrial sector, inviting Saudi companies to capitalize on Egypt’s strategic network of free trade agreements. These agreements, he explained, open access to international markets and provide competitive advantages for investors. The Egyptian government, he noted, is committed to making the industrial sector a driving force for economic growth by attracting investments, boosting local manufacturing, and creating jobs.

 

Minister Al-Khorayef underscored the strong interest of Saudi Arabia's private sector in investing in Egypt, citing ongoing efforts to align strategies for industrial integration. He outlined key areas for collaboration, including petrochemicals, pharmaceuticals, and automotive manufacturing. Al-Khorayef also announced plans for joint projects such as a polyester production facility, a plant for raw pharmaceutical materials, and initiatives in electronics and household appliances.

 

 

Both sides discussed expanding cooperation in mining, particularly in gold exploration, where Saudi companies are already active in Egypt. Al-Khorayef expressed gratitude for Egypt’s support of Saudi Arabia’s International Mining Conference, which brings together global leaders in the sector. The Saudi Deputy Minister of Industry and Mineral Resources, Khalil bin Ibrahim Al-Salama, noted significant progress on proposed projects, including a car manufacturing facility, and expressed optimism about formalizing these agreements soon.