PM says Egypt keen to promote ties with Saudi Arabia

CAIRO – Prime Minister Mostafa Madbouli said Egypt is keen on promoting relations with Saudi Arabia in different fields, especially as the two countries give priority to increasing joint investments.

Madbouli made the remarks during his meeting on Thursday with visiting Saudi Investment Minister Khalid Al Falih and his accompanying delegation at the cabinet’s premises in New Alamein city, where they discussed ways of fostering bilateral cooperation.

The meeting was attended by Minister of Investment and Foreign Trade Hassan El Khatib, Saudi Ambassador in Cairo Saleh bin Eid Al Husseini, CEO of the General Authority Investment and Free Zones (GAFI) Hossam Heiba and Chairman of the Saudi-Egyptian Business Council Bandar Al Ameri, as well as other officials.

The premier briefed the Saudi minister on the strenuous efforts made by the Egyptian government in the past period to resolve most problems that faced Saudi investors, in cooperation with the Saudi Embassy in Cairo.

In this regard, Madbouli stated that the Egyptian government solved nearly 70% of Saudi investors’ problems in Egypt.

The prime minister called for speedily drafting the items of an agreement to safeguard and promote investments between the two countries.

On his part, the Saudi minister said he will work with the Egyptian investment minister to double Saudi investments in Egypt and encourage Saudi investors to raise their existing investments in the country.

Al Falih noted that the Saudi leadership issued directives to boost the investments of the Saudi sovereign wealth fund in Egypt and convert Saudi deposits in Egypt into investments.

The Saudi investment minister indicated that Saudi Arabia sees Egypt as a promising market and a key hub for exporting to regional countries.

The Egyptian investment minister said his ministry’s main role is to preserve existing investments in the Egyptian market, resolve problems facing investors and work to attract more investments.

El Khatib reviewed a number of investment opportunities available in the Egyptian market in the sectors of industry, tourism, trade and others.