The meeting was attended by Faisal Alibrahim, Saudi economy and planning minister; Khalid A. Al-Falih, Saudi investment minister; Ahmed Kouchouk, Egypt’s finance minister; Hassan ElKhatib, Egypt’s investment and external trade minister; Majid bin Abdullah Al-Qasabi, Saudi commerce minister; Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers; Bandar bin Mohammed Al-Amri, chairman of the Egyptian-Saudi Business Council; and Saleh bin Eid Al-Hussaini, Egypt’s ambassador to Saudi Arabia.

Madbouly highlighted that Egypt had resolved most of the 95 identified issues affecting Saudi companies, with only 14 remaining.

He noted that protecting and encouraging Saudi investments are key to promoting confidence and stability in the Egyptian market.

“The agreement will be implemented within the next two months,” Madbouly said, adding that Egypt is working on strengthening economic ties with Saudi Arabia and increasing the number of Egyptian firms in the Kingdom, which already exceeds 5,700.

Minister ElKhatib noted that Egypt had resolved 75 percent of the issues facing Saudi investors, many of which date back decades, and is determined to address the remaining 25 percent.

For his side, Saudi Investment Minister Khalid Al-Falih praised Egypt as an attractive destination for Saudi investment, announcing that investment licenses for Egyptian companies in Saudi Arabia had surged by over 100 percent in 2024 compared to the previous year, reaching 5,767 licenses.

He added that trade between the two countries exceeded 124 billion Saudi riyals ($33 billion) in 2022 and 2023.

Al-Falih underscored the importance of deepening cooperation between Egypt and Saudi Arabia in the pharmaceutical industry to meet the healthcare needs of both nations.

This visit aligns with Egypt’s efforts to facilitate Gulf investment as part of its broader goal to boost foreign direct investment and meet its commitments under the $8 billion loan agreement with the International Monetary Fund (IMF), aiming at sustaining foreign exchange inflows and increasing the private sector’s role in the economy.