Saudi Gazette report

RIYADH — Saudi Minister of Commerce Dr. Majed Al-Qasabi announced that an agreement to encourage and protect Saudi investments in Egypt will be signed soon. Addressing a meeting of Saudi and Egyptian officials and investors, organized by the Federation of Saudi Chambers of Commerce in Riyadh on Monday, the minister hoped that the efforts of the Egyptian government to support, encourage and attract foreign investments to the Egyptian market would be crowned with success. The meeting was held on the occasion of the visit of Egyptian Prime Minister Dr. Mostafa Madbouly to Saudi Arabia.

Al-Qasabi said that great efforts are being made to improve the business environment and attract investments between the two countries. "The signing of an agreement to protect Saudi-Egyptian investment will be a real support for economic relations between the two countries," he said.

Addressing the meeting, Egyptian Prime Minister Madbouly affirmed that the Saudi-Egyptian Investment Protection Agreement will be activated within two months, and the remaining challenges facing Saudi investors in Egypt will be resolved before the end of this year.

Madbouly stated that a special unit in the Egyptian Ministry of Investment will work to take care of Saudi investments, and that as many as 90 problems facing Saudi investors in Egypt were committed to be solved by the government in unconventional ways, and only 14 problems remain.

He pointed out that Egypt now has a package of reforms and investment incentives in sectors such as real estate development, industry, agriculture, tourism, renewable energy, and others. It has also succeeded in controlling the challenges affecting fiscal and monetary policy and the exchange rate of the Egyptian pound.