Egypt’s Prime Minister Mostafa Madbouly assured support for Saudi Arabia’s 2034 FIFA World Cup preparations during a meeting with Minister Bandar Alkhorayef. They discussed enhancing industrial and mining cooperation, prospective Saudi investments in Egypt, and resolving investor challenges. The establishment of the Egyptian-Saudi Higher Coordination Council aims to boost bilateral trade and investment, with a focus on sectors like petrochemicals, pharmaceuticals, and automotive industries.
On Monday, Egypt’s Prime Minister Mostafa Madbouly engaged in discussions with Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, emphasizing Egypt’s unwavering commitment to support Saudi Arabia in preparing for the 2034 FIFA World Cup. Prime Minister Madbouly declared that Egyptian companies are fully prepared to engage in the various projects necessary for the successful hosting of this prestigious event.
During their meeting, they also addressed the Egyptian-Saudi Higher Coordination Council, established in October 2024. Madbouly expressed optimism that this initiative would lead to a significant influx of Saudi investments into Egypt, fostering numerous joint projects in the industrial and mining sectors. He highlighted Egypt’s strong potential for industrial collaboration, presenting diverse investment opportunities for Saudi businesses which could benefit from Egypt’s numerous free trade agreements.
The Prime Minister acknowledged the solid partnership in the petroleum and mining sectors between the two nations, underscoring ongoing advancements in these fields. He welcomed Saudi investment in Egypt’s oil, gas, and petrochemical sectors, particularly highlighting the potential for collaboration in mineral exploration, especially in gold mining.
Prime Minister Madbouly reinforced the Egyptian government’s intention to address and resolve any challenges confronting Saudi investors. He stated that the Ministry of Petroleum and Mineral Resources is actively implementing eleven new initiatives designed to enhance Egypt’s petrochemical industry, thereby inviting Saudi investment in these projects.
Meanwhile, Minister Alkhorayef reaffirmed Saudi Arabia’s commitment to nurturing relationships with Egypt, commending the establishment of the Egyptian-Saudi Higher Coordination Council. He expressed optimism regarding a mutual investment protection agreement as a catalyst for increased joint investments. He acknowledged the significant interest from Saudi businesses in Egypt and conveyed appreciation for the efforts made by Egyptian authorities to address investor concerns.
This crucial meeting marks a pivotal move towards enhancing strategic industrial cooperation between Egypt and Saudi Arabia, with both governments committed to advancing their bilateral trade and investment initiatives across an array of sectors.
The meeting between Egypt’s Prime Minister and Saudi Arabia’s Minister signifies a heightened focus on industrial cooperation and investment enhancement between the two nations. With Egypt poised to support Saudi Arabia’s FIFA World Cup preparations, the dialogue establishes a framework for joint projects, emphasizing the potential for mutual economic benefits through collaborative initiatives in various sectors, particularly in industrial, petrochemical, and mining fields. The strengthening of ties occurs in the context of broader objectives, such as economic integration and investment facilitation.
In conclusion, the recent meeting between Prime Minister Madbouly and Minister Alkhorayef underscores a shared commitment to bolster cooperation between Egypt and Saudi Arabia. With Egypt’s readiness to support Saudi Arabia’s World Cup preparations and a mutual focus on expanding trade and investment opportunities, the two nations seem poised to deepen their partnership. The establishment of the Egyptian-Saudi Higher Coordination Council further enhances prospects for future collaboration in key sectors, paving the way for enhanced economic integration and shared success.
Original Source: www.dailynewsegypt.com
