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New investment agreements with Egypt on the way: Industry and Mineral Resources Minister Bandar Al Khorayef met Egypt’s Prime Minister Moustafa Madbouly in Cairo yesterday where they agreed to include the sectors of petrochems, pharma, and automotive in the broader agreements signed between the two countries back in October, according to the Saudi Gazette and the Egyptian Cabinet. Al Khorayef was joined by the CEOs of the Saudi Exports Development Authority and the Saudi EXIM Bank. Egypt’s Transport and Industry Minister Kamel El Wazir also attended the meeting, along with the other policymakers.
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Projects in the pipeline: The two sides agreed to explore the potential for a large-scale polyester production project, a pharma raw materials project, and an automotive manufacturing venture, Vice Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah said. They also explored the potential for a project to produce electrical appliances and household tools. The minister is expecting that new mutual investments will be signed in the coming months.
IN CONTEXT- Crown Prince and Prime Minister Mohammed bin Salman met with Egyptian President Abdel Fattah El Sisi in Cairo in October, where they oversaw the signing of two agreements focused on streamlining mutual investments and providing investment guarantees. While the investment timeline and sectors remain undefined, discussions centered on the potential focus areas of energy, transportation, and tourism. The Crown Prince had directed the Public Investment Fund in September to invest USD 5 bn in Egypt.
FAST FIGURE- Al Khorayef noted that 80 out of 90 problems faced by Saudi investments in Egypt were resolved with the remaining currently under processing.
