CAIRO - 30 March 2022: The coming period will witness rapid measures to attract investments worth $10 billion, in cooperation between the Sovereign Fund of Egypt and the Saudi Public MadbouliInvestment Fund, Prime Minister of Egypt, Mostafa Madbouli, said.
Madbouli stated that the agreement on investment by the Saudi Public Investment Fund in the Arab Republic of Egypt regulates the fund's investment procedures in the state, within the framework of the two countries' desire to strengthen economic ties and ties between them.
This came during a meeting Madbouli held today with Essam bin Saeed, member of the Saudi Cabinet, Minister of State for Shura Council Affairs, and his accompanying delegation, in the presence of Hala El-Said, Minister of Planning and Economic Development, Chairman of the Board of Directors of the Sovereign Fund of Egypt, and a number of members of the fund’s board of directors. According to a press release.
Madbouli described the agreement as accelerating the process of attracting more Saudi investments to the Egyptian market, adding, “We are keen to deepen economic and investment cooperation with the Kingdom, as it is a key partner for us, and it is the supportive sister and strategic ally of Egypt, and our historical connection will continue to extend, and that achieving stability in Our two countries is a creed of both the leaders and peoples of both countries."
He explained that during the cabinet meeting, Wednesday, a draft agreement was approved between the two sides regarding the Saudi Public Investment Fund to invest in Egypt, with the completion of constitutional procedures, and authorizing the Minister of Planning and Economic Development to sign the agreement.
The agreement aims to encourage and support the Fund to invest in Egypt, in order to achieve Egypt’s objectives in attracting investments in foreign currencies, supporting the use of national labor, and localizing modern technologies in the economy, within the framework of what is required by relevant Egyptian laws and legislation in all investment fields available in Egypt.
The Prime Minister indicated that a package of Saudi projects that will be established in Egypt will be announced as soon as possible.
For his part, Essam bin Saeed, a member of the Saudi Cabinet and Minister of State for Shura Council Affairs, said that according to the agreement, a private investment company will be established in Egypt, which reflects the close, solid and historical relations with the Kingdom of Saudi Arabia.
Bin Saeed pointed out that the Saudi Public Investment Fund has many opportunities and investments that it will offer to sisterly Egypt, whether through Egypt's sovereign fund, or through partnership with the private sector.
“The new Saudi investments target cooperation in the localization of modern technologies in the Egyptian economy, as well as creating more job opportunities, which are the most important part of the development path in any country,” he added.
He continued that the investments of the Saudi Fund will also include other sectors such as the educational sector, health, especially medicine, and various agricultural, economic and development sectors, in addition to the financial sector.
"We do not intend to invest in one field, but rather to diversify investments in a way that benefits the two peoples, and not only achieves the benefit for the investor,” he added.
He pointed out that the cooperation of the Kingdom of Saudi Arabia with Egypt comes from the standpoint of brotherhood, as it is a strategic relationship, adding that there are directives from His Highness, the Saudi Crown Prince, Mohammed bin Salman, to invest in various sectors,
According to Bin Saeed, it is true that the goal of the agreement is investment, but there are other strategic goals to support the Egyptian people, whom we consider a brother to the Saudi people, and they are linked by one gene.
At the end of the meeting, Mostafa Madbouli confirmed that he is following up on the investment projects that are agreed upon between the Egyptian and Saudi sides, based on the keenness that this partnership represents a common success story.