CAIRO - 16 December 2024: Prime Minister Mostafa Madbouly met with Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, at the government headquarters in Egypt’s New Administrative Capital to discuss deepening collaboration in the industrial and mining sectors. The high-level meeting, attended by senior officials from both nations, focused on advancing mutual investments and fostering economic integration.
Promising Investment Opportunities in Industry
Prime Minister Madbouly highlighted Egypt’s vast investment opportunities in the industrial sector, inviting Saudi companies to capitalize on Egypt’s strategic network of free trade agreements. These agreements, he explained, open access to international markets and provide competitive advantages for investors. The Egyptian government, he noted, is committed to making the industrial sector a driving force for economic growth by attracting investments, boosting local manufacturing, and creating jobs.
Minister Al-Khorayef underscored the strong interest of Saudi Arabia's private sector in investing in Egypt, citing ongoing efforts to align strategies for industrial integration. He outlined key areas for collaboration, including petrochemicals, pharmaceuticals, and automotive manufacturing. Al-Khorayef also announced plans for joint projects such as a polyester production facility, a plant for raw pharmaceutical materials, and initiatives in electronics and household appliances.
Deepening Cooperation in Mining
Both sides discussed expanding cooperation in mining, particularly in gold exploration, where Saudi companies are already active in Egypt. Al-Khorayef expressed gratitude for Egypt’s support of Saudi Arabia’s International Mining Conference, which brings together global leaders in the sector. The Saudi Deputy Minister of Industry and Mineral Resources, Khalil bin Ibrahim Al-Salama, noted significant progress on proposed projects, including a car manufacturing facility, and expressed optimism about formalizing these agreements soon.
Oil, Gas, and Petrochemical Investments
The Prime Minister praised the existing cooperation in oil and mining between the two countries and encouraged Saudi investments in Egypt’s expanding petrochemical, oil, and gas industries. Egypt is currently implementing 11 petrochemical projects under its national industrial development plan, which offers further opportunities for Saudi expertise and partnership.
Madbouly reaffirmed Egypt’s commitment to resolving any obstacles faced by Saudi investors. He noted that 80 out of 90 identified issues have already been resolved, with efforts ongoing to address the remaining challenges. This, he stressed, reflects Egypt’s dedication to creating a favorable investment climate.
Strengthening Bilateral Relations
Madbouly also highlighted the outcomes of Saudi Crown Prince Mohammed bin Salman’s visit to Egypt in October 2024. The visit saw the signing of the Egyptian-Saudi Higher Coordination Council Agreement and a mutual investment protection agreement. Madbouly described these agreements as pivotal for attracting Saudi investments into Egypt and launching joint industrial and mining projects, paving the way for a stronger economic partnership.
Both nations reaffirmed their commitment to advancing economic integration through strategic investments and collaborations. With several promising projects on the horizon, the partnership between Egypt and Saudi Arabia is set to play a critical role in driving regional economic growth and development.
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