Egypt’s Prime Minister Mostafa Madbouly met a delegation of senior Saudi business leaders at the government headquarters in the New Administrative Capital on Monday to discuss joint cooperation opportunities, the Prime Minister’s office said.
The meeting occurred one day after the Egypt-Saudi Business Forum was held in Cairo. Attendees included Ibrahim Al-Mubarak, CEO of the Saudi Investment Marketing Authority, Saudi Ambassador to Cairo Saleh bin Eid Al-Husseini, Hassan Al-Huwaizi, Chairperson of the Federation of Saudi Chambers of Commerce and Industry, and Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), along with other officials and heads of prominent Saudi companies.
The Prime Minister began by welcoming the Saudi Ambassador and the business delegation, expressing appreciation for their participation in the previous day’s forum. Madbouly invited the Saudi business figures to undertake a tour of the New Administrative Capital to observe the development progress in the area.
He expressed pride in the deep-rooted historical relations between Egypt and Saudi Arabia and voiced appreciation for continued Saudi interest in investing in Egypt, describing it as a reflection of Saudi investor confidence in the Egyptian economy.
Madbouly affirmed the commitment of both nations to deepen economic ties and the Egyptian government’s keenness to enhance investment partnerships with Saudi Arabia. He highlighted the current focus on providing unprecedented support to the foreign private sector in Egypt and encouraging Arab and foreign companies to increase their investments.
In this context, the Prime Minister noted the entry into force of the bilateral agreement for the encouragement and protection of mutual investments between Egypt and Saudi Arabia. He asserted that the agreement represents a new starting point for enhancing economic cooperation and increasing trade relations, particularly involving the private sector.
Madbouly stated that the Egyptian government is continuing its efforts to provide an attractive investment environment, overcome obstacles facing investors, and offer necessary support and facilitations. “We have taken many measures to improve the business climate, develop infrastructure, and simplify government procedures, including the tax and customs system, as well as providing incentives for investors in various sectors,” he said.
The Prime Minister also emphasised the importance of cooperation and integration between Egypt and Saudi Arabia in establishing joint projects of strategic and economic significance. He suggested leveraging the comparative advantages of both countries to address global challenges, achieve economic integration, and enhance food security. He remarked in this context that “Egypt is a promising country for investment… building ties and partnerships is the optimal solution for both countries.”
Madbouly continued, “We have witnessed a significant increase in Egyptian companies operating in the Saudi market, and the same applies to Saudi companies in Egypt, which is a very important matter that confirms the private sector’s confidence in investing in both countries, achieving the desired integration goals between the two countries in the economic field.”
The Prime Minister assured the delegation of the government’s commitment to resolving challenges faced by Saudi companies investing in Egypt, coordinating with relevant authorities. He mentioned a specific committee formed within the cabinet, chaired by First Assistant Prime Minister Randa El-Menshawy, to address issues raised by Saudi firms. Madbouly noted the committee holds regular meetings with competent authorities to identify the causes of problems and work towards suitable solutions, keeping the Saudi Embassy in Cairo regularly informed of the outcomes.
“We have succeeded in solving most of the problems of Saudi investors, some of which dated back decades, and work is underway to find appropriate solutions for the remaining problems,” Madbouly stated, adding he is “continuously keen on solving the problems of Saudi investors” and that the committee takes exceptional measures to do so. He expressed his hope to attract more Saudi investments to the Egyptian market, given the country’s promising opportunities.
Addressing current global trade tensions, Madbouly said, “What is happening presents an important opportunity to build strong partnerships and open new markets between us.” He reiterated his satisfaction with the growth in mutual investments between Saudi and Egyptian companies.
During the meeting, the Prime Minister outlined Egypt’s economic development vision, stating, “We have a vision in four sectors to drive the Egyptian economy: industry, agriculture, tourism, and communications.”
He detailed investment opportunities within the industrial sector, mentioning the manufacturing of solar energy components, storage batteries, tyres, car batteries, water desalination plant components, aluminium, electrical transformers, seamless pipes, large water lifting motors, home appliance motors, polyester, soda ash, control panels, automotive glass, electric vehicles, and ready-made garments. He suggested investors could benefit from trade agreements signed between Egypt and various regional and international trade blocs.
Madbouly also presented opportunities in the communications and information technology sector, noting Egypt’s comparative advantage in its skilled youth population. Furthermore, he reviewed tourism investment prospects, highlighting opportunities on the North West Coast, the Red Sea coast, and other tourist areas nationwide, alongside discussing investment potential in the agricultural sector.
Heiba provided details from the business forum, stating it was attended by over 100 Saudi and more than 80 Egyptian investors. He indicated the forum focused on the real estate, industrial, and tourism sectors, among others, with representatives from relevant bodies presenting opportunities. He added that Saudi investors visited GAFI’s Investor Service Centre to learn about investment procedures and incentives in Egypt.
Al-Mubarak expressed his gratitude to the Prime Minister for receiving the delegation, viewing it as a sign of the Egyptian government’s significant interest in Saudi investors. He also conveyed appreciation for the swift work by the Prime Minister and relevant ministers to bring the bilateral investment treaty into effect. “Our visit to Egypt confirms the interest of Saudi companies to work in Egypt,” he stated.
The CEO of the Saudi Investment Marketing Authority mentioned that important consultations occurred with Egyptian government and private sector representatives during their visit. He confirmed they were briefed on numerous investment opportunities across various sectors in Egypt and also observed a desire among Egyptian businesspeople to invest in the Kingdom.
Al-Mubarak expressed his aspiration for increased economic ties, describing the Egyptian and Saudi economies as “pillars of stability in the region.” He pointed to significant opportunities for joint tourism programmes offering diverse options for tourists and stressed the potential for important integration between the two countries in this sector. He also underlined the necessity of working towards industrial integration in light of current international trade developments.
Al-Huwaizi extended thanks and appreciation to President Abdel Fattah Al-Sisi and the Prime Minister for their support of the Saudi private sector. He commended the efforts of the cabinet committee resolving investor issues, chaired by Randa El-Menshawy. He affirmed that Saudi business leaders are fully convinced that Egypt is an attractive and enabling market for investments. He also praised the scale of achievement in the New Administrative Capital, saying, “What happened in the New Administrative Capital in terms of development and urbanization is a source of pride for all of us as Arabs.”
Concluding the meeting, the Prime Minister expressed his hope for the rapid formation of new Egyptian-Saudi partnerships. “Any new Saudi project will be immediately presented to the Council of Ministers so that it can obtain the golden license, and we promise you to speed up all necessary procedures to establish your projects in Egypt,” he said.
