Egypt’s Prime Minister Mustafa Madbouli discussed boosting economic, investment, and trade cooperation with Saudi Arabia’s ambassador to Cairo, Saleh bin Eid Al-Husseini, during a meeting at the cabinet headquarters in the New Capital, the cabinet said.
The talks come amid ongoing efforts by Cairo and Riyadh to deepen strategic ties and expand economic engagement, with both sides seeking to increase Saudi investments in Egypt and accelerate joint projects in key sectors.
Madbouli said Egypt is keen to advance bilateral cooperation across various fields in a way that serves the interests of both countries, highlighting the “deep and robust” historical and strategic relations between Cairo and Riyadh, according to a cabinet statement.
He also stressed continued coordination and consultation between the two countries on regional and international issues of mutual concern.
Both sides reviewed opportunities to enhance economic and investment cooperation, increase bilateral trade volumes, and explore investment prospects in several promising sectors in Egypt.
The meeting also followed up on several joint projects, with officials underscoring the need to address challenges facing investors and further improve the business climate, in light of Egypt’s ongoing economic and structural reforms.
For his part, Al-Husseini expressed appreciation for the reception and reaffirmed Saudi Arabia’s commitment to strengthening cooperation frameworks with Egypt, citing the close ties between the two countries' leaderships.
Saudi Arabia is one of Egypt’s largest foreign investors, with total investments exceeding $30 billion across more than 7,000 companies, according to official Egyptian data, underscoring the depth of economic ties between the two countries.
Investment flows have accelerated in recent years, led by Saudi Arabia’s Public Investment Fund (PIF), which in 2022 launched the Saudi Egyptian Investment Company (SEIC) and acquired stakes worth about $1.3 billion in four Egyptian listed firms, including Abu Qir Fertilizers, MOPCO, Alexandria Container & Cargo Handling, and e-Finance.
The two countries have also been working to expand cooperation through a bilateral investment protection agreement and by facilitating large-scale projects in sectors such as energy, logistics, tourism, and real estate, alongside longstanding Saudi private-sector investments in the Egyptian market.
Bilateral trade between Egypt and Saudi Arabia typically ranges between $8 billion and $10 billion annually, making the kingdom one of Egypt’s top trading partners in the Gulf.
Source: Al-Ahram Online
