File Photo: A beach resort in Hurghada, Red Sea. AFP
Speaking to Al-Qahera News, Abdelatty described the initiative as "a massive development and real estate tourism project" that is expected to boost economic cooperation.
He noted that over 90 percent of the challenges previously facing Saudi investors in Egypt have been resolved, paving the way for stronger investment ties between both countries.
While he did not provide further details on the project, he stressed that its goals align with Egypt's broader strategy to enhance investment opportunities and solidify its position as a key destination for sustainable tourism.
Abdelatty's announcement came during his visit to Riyadh. It follows Prime Minister Mostafa Madbouly's meeting in Cairo with the Saudi Minister of State Issam Bin Saad Bin Saeed to discuss advancing Egyptian-Saudi economic cooperation.
"There is tremendous potential to enhance economic, trade, and investment relations between the two countries," the Egyptian FM said.
He emphasised the importance of industrial integration, joint manufacturing, and complementarity in international trade. He also noted that Egypt can export goods to Saudi Arabia that the kingdom imports from other regions, and vice versa.
Moreover, Abdelatty noted the recent investment agreement between Egypt and Saudi Arabia, which he described as a significant step toward strengthening mutual investments and attracting more Saudi investments to Egypt.
He stressed Egypt's commitment to creating an attractive investment environment, noting that the overall climate has improved significantly.
In addition, the Egyptian FM indicated promising investment opportunities in Egypt for Saudi investors, including in the areas of new and renewable energy, water desalination, petrochemicals, mining, pharmaceuticals, and automotive manufacturing.
According to Abdelatty, Egypt-Saudi relations need to be founded on mutual benefits to ensure they remain sustainable.
On 7 September, Egypt signed partnership contracts with Emirati Emaar Misr and Saudi City Stars to launch their latest flagship project, Marassi Red Sea, in the Red Sea governorate.
Additionally, in February 2024, Egypt secured a landmark agreement worth $35 billion with the UAE's ADQ to develop the Ras El-Hekma region on the North Coast into a world-class Mediterranean city.
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