Egypt’s Prime Minister Mostafa Madbouly expressed Egypt’s strong commitment to strengthening investment partnerships with Saudi Arabia, stressing that Egypt is focused on supporting foreign private sector investments and encouraging Arab and international companies to increase their presence in the Egyptian market.
His comments were made during a meeting with a delegation of prominent Saudi businessmen at the government headquarters in the New Administrative Capital. The meeting followed the Egypt-Saudi Business Forum held in Cairo the previous day and included key figures from both countries’ economic and diplomatic communities.
Madbouly praised the history-honored solid relations between Egypt and Saudi Arabia, highlighting the trust Saudi investors place in the Egyptian economy.
Welcoming Saudi Ambassador to Egypt Saleh bin Eid Al-Husseini and the participating Saudi businessmen to the meeting, he invited them to tour the New Administrative Capital to see firsthand the scale of Egypt’s urban development efforts.
During the meeting, the premier announced that the bilateral agreement to promote and protect mutual investments between Egypt and Saudi Arabia has officially come into effect, describing it as a new beginning for enhancing economic cooperation and a significant step toward boosting trade relations, particularly between the private sector in both countries. He reiterated that Egypt remains dedicated to improving the investment climate by removing obstacles and providing full support and incentives for investors. This includes reforms to tax and customs systems, upgrades in infrastructure, and simplified administrative processes, he said.
Madbouly emphasized the importance of joint strategic projects between Egypt and Saudi Arabia, taking advantage of the unique strengths and potential of each country. He said that such collaboration would help the two nations face global economic challenges and support regional economic integration and food security. He noted an increase in Egyptian companies operating in Saudi Arabia and vice versa, which he said reflects growing confidence in mutual investment.
The premier also addressed challenges faced by Saudi investors in Egypt. He confirmed that a dedicated committee has been set up within the Cabinet to examine and resolve issues raised by Saudi companies. The committee meets regularly and coordinates with relevant authorities to provide practical solutions, he said, pointing out that most of the problems have already been resolved, including some that had been unresolved for decades, and work is ongoing to address the remaining issues.
Madbouly expressed hope for attracting more Saudi investments, especially given Egypt’s many promising business opportunities. He said that the current global trade tensions provide a good chance to form strong partnerships and explore new markets and reaffirmed Egypt’s economic vision, focusing on four main sectors: industry, agriculture, tourism, and communications. He outlined specific industrial investment opportunities, including manufacturing of solar panel components, car batteries, electric vehicles, desalination plant parts, transformers, aluminum, and automotive glass, as well as ready-made garments. He also noted that Egypt’s international trade agreements offer strategic benefits to investors.
In the field of communications and IT, Madbouly highlighted Egypt’s large pool of skilled youth as a competitive advantage. He also spoke about tourism and agricultural investment opportunities, particularly along the northwestern and eastern coasts, as well as other regions throughout the country.
Speaking at the meeting, Hossam Heiba, CEO of the General Authority for Investment and Free Zones, said that over 100 Saudi and 80 Egyptian investors attended a recent joint business forum which covered a wide range of sectors such as real estate, industry, and tourism. On the sidelines of the forum, Saudi investors visited the Investors Service Center to learn about the procedures and incentives available for doing business in Egypt, he said.
Chairman of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak thanked the prime minister for his warm welcome and stressed that Saudi interest in the Egyptian market is strong. He praised the quick enforcement of the investment protection agreement and noted that discussions held during the forum revealed Egypt’s abundance of investment opportunities. He also observed the growing interest among Egyptian businesses to invest in Saudi Arabia.
Al-Mubarak expressed hope for greater economic integration between the two countries and pointed to tourism as a sector where joint programs could offer a variety of options for travelers. He also called for increased collaboration in the industrial sector, especially considering the current global trade dynamics.
Hassan Al-Huwaizi, the Chairman of the Federation of Saudi Chambers of Commerce and Industry, thanked President Abdel Fattah El Sisi and Prime Minister Madbouly for their support of Saudi private sector investments. He praised the work of the committee resolving investor issues and said that Saudi businessmen are fully convinced that Egypt has a promising and supportive investment climate. He also admired the progress made in the New Administrative Capital, calling it a source of pride for all Arabs.
At the conclusion of the meeting, Madbouly expressed eagerness to see new Saudi projects launched in Egypt.
