Cairo (UNA/SPA) - Saudi Assistant Minister of Investment and Chairman of the Saudi Investment Marketing Authority Ibrahim Al-Mubarak stressed that Saudi Arabia and Egypt, with their economic size, political influence, and geographical locations, are capable of building an integrated investment system that benefits from the comparative advantages of each country and creates real added value that is not limited to investors, but rather reflects on sustainable development in both countries and the stability and prosperity of the entire region.
In his speech at the Saudi-Egyptian Investment Forum held today in Cairo, he said: “The relations between the Kingdom of Saudi Arabia and Egypt are not fleeting or circumstantial. Rather, they are deeply rooted in history, founded on solid foundations of brotherhood and understanding, and have evolved over the decades to become an advanced model of joint Arab cooperation.”
He added, "The attendees at this forum, and the economic diversity and investment weight they represent, clearly reflect the maturity of our two countries' relations and our sincere desire to deepen mutual cooperation and expand the horizons of partnership in all areas."
He continued, "We view the economic partnership between our two countries as a pivotal pillar of this relationship," noting that the volume of investments, which has exceeded $35 billion to date, is a reflection of mutual trust, the attractiveness of the Egyptian market, and its promising investment potential.
He explained that the economic partnership between the Kingdom and Egypt was strengthened by the signing of an agreement to encourage and protect investments during the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to Egypt last October.
He emphasized that these relations reflect the strategic depth between the two countries, with the volume of trade exchange in 2024 reaching more than 61.1 billion riyals, equivalent to 16.3 billion dollars, recording a remarkable growth of 29% compared to 2023.
He pointed out that the number of Egyptian investment licenses has reached approximately 6, the highest in the Kingdom. These companies employ more than 80 employees, concentrated in specific sectors such as construction, manufacturing industries, and wholesale and retail trade.
He commended the Egyptian government's efforts to create an attractive and stimulating investment environment, noting that Egypt has witnessed major economic reforms in recent years, enhancing its attractiveness to Saudi and international investors. He expressed his confidence that these reforms will contribute to opening new horizons for cooperation between the public and private sectors in both countries, to achieve their common interests.
He said, "We at the Ministry of Investment attach special importance to our relationship with Egypt. We work in constant coordination with our counterparts in the Egyptian government to remove obstacles, improve procedures, and provide the necessary support to investors on both sides. We also seek to enhance communication between the private sectors and activate institutional frameworks that facilitate exchange and integration."
He added, "One of the most prominent of these frameworks is the Saudi-Egyptian Business Council, whose activities we are meeting within today. It is an important platform for deepening understanding and exchanging visions among businesspeople, accelerating the implementation of joint projects, and transforming aspirations into tangible reality."
He emphasized that the private sector is the true engine of development, and that is why we are counting on partnerships between businessmen and women in both countries to advance economic and investment relations to new levels, in line with the aspirations of this era.
He stated that the current phase carries with it many regional and international challenges, but at the same time, it opens new windows of opportunity and opportunities for smart integration and cooperation, which we are keen to invest in with all seriousness. He noted that through this council, we can transform challenges into gains and devise joint solutions that enhance our ability to compete globally.
In concluding his remarks, the Assistant Minister of Investment and Chairman of the Saudi Investment Marketing Authority stated that the Kingdom will remain a strategic investment partner for Egypt, emphasizing the need to work resolutely to develop this relationship to include new sectors, innovative financing tools, and flexible and sustainable cooperation models. He reiterated his call to the business communities in both countries to seize opportunities, build genuine partnerships, and contribute effectively to building a shared future that reflects the ambitions of the leaderships of the Kingdom and Egypt.
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