Saudi Gazette report

CAIRO — Saudi Minister of Commerce Dr. Majed Al-Qasabi said that more than 70 percent of the problems faced by Saudi investors in Egypt have been solved. “There are efforts by the Egyptian government to solve the remaining problems, and there is a new spirit and continued support from the Egyptian Prime Minister Dr. Mustafa Madbouli to resolve these problems,” he said.

Al-Qasabi made these remarks during his meeting with Madbouli in Cairo on Monday. Al-Qasabi arrived here, heading a Saudi trade delegation that includes about 90 prominent businessmen and senior executives of major national companies. Both sides discussed ways to further strengthen the Saudi-Egyptian economic and commercial partnership and trade relations. Al-Qasabi noted that there are directives from Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman to increase Saudi investments in the Egyptian market.

He said that three paths were developed during the Saudi delegation’s meetings with high ranking Egyptian officials and business leaders and these paths will be worked out in the future. The first path is investment in the industrial sector with the aim of integration, and opportunities will be identified and priorities will be set, with the formulation of a road map. There is a clear path to marketing these opportunities, and there has been agreement between the chambers of commerce in the two countries and the businessmen in this regard.

Al-Qasabi said the second path is for implementing projects of the Egyptian and Saudi ministries, through integration between the two governments. The third path is for formulating institutional work between the two countries that defines the role of the business councils and chambers of commerce in the two countries, and the tasks assigned to them.

The delegation accompanying Al-Qasabi included Bandar Al-Amiri, chairman of the Saudi-Egyptian Business Council, and a number of Saudi businessmen, as well as Saudi Ambassador to Egypt Osama Al-Naqli.

During the visit,Al-Qasabi met with several high ranking Egyptian officials including Egypt’s Minister of Trade and Industry Eng. Ahmed Samir, Minister of International Cooperation Dr. Rania Al-Mashat, Minister of Housing, Utilities and Urban Communities Dr. Assem El-Gazzar, CEO of Egypt's General Authority for Investment and Free Zones Hossam Heiba.