Egypt is nearing the final stages of signing an investment protection and promotion agreement with Saudi Arabia. Both sides have indicated that the deal is almost ready for implementation.
Egyptian Delegation in Riyadh
An Egyptian government delegation, led by Prime Minister Mustafa Madbouly, is currently visiting Riyadh. Over the past two days, Madbouly has met with Saudi ministers and investors.
Updates on the Agreement
During a meeting with Saudi investors at the Saudi Chambers Federation, Saudi Investment Minister Khalid Al-Falih stated that the agreement is almost complete. It will soon be reviewed by the Saudi government and Shura Council.
Al-Falih noted that Egypt has become a promising market for Saudi investors. He highlighted that Egypt is a key strategic partner for Saudi Arabia. Trade between the two countries exceeded 124 billion riyals in 2022 and 2023, according to a statement from the Egyptian Cabinet.
Anticipated Benefits
Saudi Trade Minister Majid bin Abdullah Al-Qasabi expressed hope that the agreement will enhance investment flows and broaden the exchange of expertise between the two nations.
Expected Implementation
Prime Minister Madbouly confirmed that the investment protection agreement with Saudi Arabia is nearing completion. He expects it to be active within two to three months.
Recent Developments
A statement from the Egyptian Cabinet yesterday revealed that Madbouly met with Saudi Investment Minister Khalid Al-Falih at the start of the Egyptian delegation’s visit. Al-Falih mentioned that extensive agreements have been reached on the investment promotion and protection agreement. He hopes this will boost investor confidence and attract capital for various projects.
Future Plans
Al-Falih also indicated that there is a move to convert Saudi deposits in the Central Bank of Egypt into investments through the Public Investment Fund.
