Investments
President Abdel Fattah El-Sisi and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, witnessed the signing of the agreements as they held expanded talks in Cairo
The crown prince’s visit comes amid growing speculation about new significant Saudi investments in Egypt, particularly as Prime Minister Mostafa Madbouly revealed in September that Saudi Arabia is seeking to invest in the country.
Prince Mohammed bin Salman highlighted Saudi Arabia’s progress under Vision 2030 and commended the contributions of Egyptian workers to the Kingdom’s development.
Madbouly met with Dai Jun, the Chairman of the Board of Directors of the global "Famsun Agrifam" Group, which will- in cooperation with Mostaqbal Misr Company- grain silos with storage capacity of 500,000 tons in Egypt’s New Delta.
Kouchouk outlined key fiscal policies and upcoming tax measures designed to provide greater stability and support for the private sector, fostering a conducive environment for increased investments.
Egyptian exports to the UAE also saw growth, with exports totaling $380.1 million in the first quarter of 2024, up from $379 million in the same period of 2023, showing an increase of 0.3 percent.
Due to the ongoing Israeli war on the Gaza Strip and the Yemeni Houthis’ attacks against Israeli, UK and US ships in the Red Sea in response to the Israeli war against the Palestinians, Egypt’s Suez Canal revenues have sharply declined.
The goal is to reach a minimum of $3.6 billion, surpassing the $3.3 billion recorded in 2023.
This comes with the aim to enhance private sector participation in development efforts, aligning with the state's policy document.
These investments will aim to optimize operations in logistics, communications, microfinance, and consumer finance
She added Thursday that the company achieved exports totaling around $1.5 billion in 2023, and it is expected that the company's exports will reach $1.75 billion by the end of 2024.
He clarified on Sunday that the projects also aim to enhance the efficiency and development of the irrigation and drainage system, ensuring an increase in the productivity of water units.
The agreements will cover investments in sectors such as energy, real estate, agriculture, and tourism
Samir affirmed that Egypt and India share a strategic bilateral relationship that spans a long history of mutual cooperation aimed at supporting the economic and social development aspirations of both countries.
The state treasury’s share of this money reached LE 31.3 billion, with 44% of these investments.
Egyptian Prime Minister Mostafa Madbouly received Sunday at the government headquarters in the New Administrative Capital, Bandar bin Ibrahim Al-Khorayef, the Saudi Minister of Industry and Mineral Resources, and his accompanying delegation, where they discussed ways to enhance cooperation and integration between Egypt and Saudi Arabia in the industry file.
Egypt has experienced significant economic challenges due to COVID-19, the Russia-Ukraine war, and the global austerity measures since 2020. Despite these difficulties, Egypt has been making ongoing efforts to overcome them. In particular, they have been actively promoting foreign investment and striving to make Egypt an attractive investment destination, the statement said.
Egyptian President Abdel Fattah El-Sisi instructed the government to prepare an integrated package of incentives, exemptions and facilities in a number of industrial and logistical zones in Egypt to encourage transit trade and manufacturing, export and re-export operations.
During the meeting, the two sides underscored mutual commitment to further strengthening bilateral relations in various fields. They also valued the close bilateral relations and historical friendship between the Egyptian and Russian peoples.
This came in a report issued by the Central Bank of Egypt (CBE) on Wednesday.
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