Madbouly Opens Doors to Saudi Investment Boom
In a significant move aimed at bolstering the already robust economic partnership between Egypt and Saudi Arabia, Prime Minister Dr. Mostafa Madbouly convened with a delegation of prominent Saudi businessmen at the New Administrative Capital. The meeting, held in the wake of the successful Egyptian-Saudi Businessmen Forum in Cairo, served as a platform to explore and solidify opportunities for joint cooperation across a spectrum of vital sectors.
written by : Hany Seliem
The high-level delegation included Eng. Ibrahim Al-Mubarak, CEO of the Saudi Investment Marketing Authority; Ambassador Saleh bin Eid Al-Hussaini, the Kingdom of Saudi Arabia’s Ambassador to Cairo; Hassan Moajab Al-Huwaizi, Chairman of the Federation of Saudi Chambers; Hossam Heiba, CEO of the General Authority for Investment and Free Zones; and Ambassador Ihab Fahmy, Assistant Minister of Foreign Affairs for Arab Affairs, alongside members of the Federation of Saudi Chambers and heads of leading Saudi companies.
Dr. Madbouly commenced the meeting by extending a warm welcome to the Saudi delegation, expressing his profound appreciation for the substantial participation of Saudi investors in the preceding Egyptian-Saudi Businessmen Forum. He underscored the enduring and deeply rooted historical relations between the two brotherly nations, emphasizing the Egyptian government’s commitment to strengthening these ties through tangible economic collaborations.
Inviting the Saudi businessmen to tour the New Administrative Capital, Dr. Madbouly showcased the remarkable urban development achievements, highlighting Egypt’s progress and potential for future investments. He reiterated the Egyptian government’s unwavering commitment to fostering a conducive investment climate, particularly for Saudi investors, whose confidence in the Egyptian economy is highly valued.
Central to the discussion was the recent implementation of the Agreement for the Promotion and Protection of Mutual Investments between Egypt and Saudi Arabia. Dr. Madbouly emphasized the agreement’s pivotal role in catalyzing increased trade and investment flows, particularly between the private sectors of both nations. He reiterated the Egyptian government’s dedication to removing obstacles facing investors, streamlining procedures, and offering attractive incentives across various sectors, including tax and customs reforms.
Highlighting the strategic importance of joint projects, Dr. Madbouly outlined promising investment opportunities in key sectors such as industry, agriculture, tourism, and communications. He stressed the potential for collaboration in manufacturing solar energy components, electric vehicles, and components for water desalination plants, leveraging Egypt’s strategic location and trade agreements with regional and international blocs. He also emphasized the burgeoning IT sector, powered by Egypt’s skilled youth, and the vast tourism potential along Egypt’s coastal regions.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones, provided insights into the success of the Egyptian-Saudi Businessmen Forum, which facilitated direct interaction between over 100 Saudi and 80 Egyptian investors. He also highlighted the Investor Services Center, a one-stop shop for investors seeking to establish businesses in Egypt.
Eng. Ibrahim Al-Mubarak, CEO of the Saudi Investment Marketing Authority, expressed his gratitude to Dr. Madbouly for his warm reception and the swift implementation of the investment agreement. He emphasized the strong interest of Saudi companies in investing in Egypt and the potential for mutually beneficial partnerships. He also pointed to the significant opportunities for joint tourism programs, leveraging the diverse attractions of both countries.
Hassan Moajab Al-Huwaizi, Chairman of the Federation of Saudi Chambers, lauded the Egyptian government’s support for Saudi investors, particularly the committee led by Eng. Randa El-Menshawy, which effectively addresses investor concerns. He praised the New Administrative Capital as a symbol of Arab achievement and affirmed Saudi businessmen’s confidence in Egypt’s investment potential.
Dr. Madbouly concluded the meeting by reiterating his commitment to expediting the “Golden License” for new Saudi projects and resolving any remaining investor concerns. He underscored the strategic opportunity for both nations to forge strong partnerships amidst global economic challenges, emphasizing the importance of increased investment flows in both directions. He also reaffirmed Egypt’s vision for economic growth, focusing on the four key sectors of industry, agriculture, tourism, and communications.
This meeting signifies a crucial step in strengthening the economic alliance between Egypt and Saudi Arabia, paving the way for increased cooperation and mutual prosperity.
