Minister of Finance Mohamed Maait with Saudi Ambassador to Egypt Osama al- Nugali after their meeting in Cairo, Egypt, on Monday 3 January, 2022.
This will enhance the country’s national economic structure, create more job opportunities, push the production cycle forward, uplift citizens’ living standards, and improve the quality of services extended to them, according to Maait
This came during a meeting Maait held on Monday with Al-Nugali to discuss the investment opportunities Egypt has and showcase the government’s efforts to boost partnership with the private sector.
During the meeting, Maait informed Al-Nugali about Egypt’s structural and legislative improvements, including the new automation project for the customs and taxation systems for the sake of businesspersons and easing internal and external trade flow.
He also told Al-Nugali that there is ample room for Saudi investors to tap the investment opportunities Egypt provides, adding that Egypt is willing to benefit from the investments the Saudi Public Investment Fund (PIF) provides in order to enhance the country’s inclusive and sustainable development.
The PIF is one of the largest sovereign wealth funds globally, with assets under management worth $500 billion.
In 2021, the PIF led a consortium that purchased Premier League club Newcastle United FC.
The PIF’s companies also have investment shares in the Middle East and North Africa region, including listed joint-stock companies or private companies.
Al-Nugali told Maait that the Saudi government is willing to increase Saudi investments in Egypt and to take advantage of the promising investment opportunities the Government of Egypt offers.
He also expressed the PIF’s interest to launch new investment opportunities in Egypt and other sister nations.
Furthermore, the two parties insured the closeness of the existing bilateral strategic relations and the aspirations of the leaderships of the two countries to bolster and deepen their ties for the benefit of their peoples.
Saudi Arabia is the second largest investor in the Egyptian market, with investments surpassing $6 billion across more than 500 investment projects. Egypt is also the eighth largest recipient of Saudi exports, with a total trade exchange in petroleum and non-oil goods exceeding $7.5 billion, according to Egypt’s Ministry of Trade and Industry.