Egypt, Saudi Arabia to foster joint collaboration – Egypt Today

Egypt, Saudi Arabia to foster joint collaboration – Egypt Today

CAIRO – 16 May 2024:  Prime Minister, Mostafa Madbouly, convened a meeting with Saudi officials to discuss strategies for increasing Saudi Arabia's investments in Egypt in the near future. 

 

The official spokesman for the Cabinet, Mohamed El-Homsani, stated that the ongoing negotiations between relevant ministers and officials from both countries are in progress to explore opportunities for expanding collaborative efforts across diverse economic sectors.

 

 The meeting emphasized the importance of injecting investments into multiple sectors and highlighted the potential for capitalizing on the available opportunities within the Egyptian market.

 

It was also underlined that the Egyptian government has implemented numerous measures to address various challenges and obstacles associated with foreign direct investments. 

 

In November 2023, Fayez Alharbi, the Second Vice Chairman of the Federation of Saudi Chambers, expressed Saudi Arabia's active pursuit of enhancing bilateral trade with Egypt to reach a target of $100 billion. 

 

The Ministry of Planning and Economic Development reported that the trade exchange volume between Egypt and Saudi Arabia reached $32 billion in the fiscal year 2022-2023.

 

Egypt, Saudi Arabia to foster joint collaboration - Egypt Today