Saudi Arabia inks 2 MoUs with Egyptian entities for industrial cooperation

Ahram Online , Sunday 4 Jun 2023

Saudi Arabia signed two memoranda of understanding (MoU) with Egyptian entities during a visit by the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, to Egypt on Sunday.

Saudi Minister of Industry Bandar Alkhorayef during the signing ceremony.
Saudi Minister of Industry Bandar Alkhorayef during the signing ceremony. Cabinet.

The first MoU was signed between the Egyptian and Saudi export development authorities to boost cooperation on non-oil exports, according to a cabinet statement.

The Saudi National Industrial Development Centre signed another protocol with Valeo Egypt, the software development arm of French automotive supplier Valeo on developing the auto industry.

Alkhorayef is visiting Cairo to discuss all aspects of economic cooperation between Saudi Arabia and Egypt and the impact of the global economic crisis on the two Arab nations, said Egyptian Minister of Trade and Industry Ahmed Samir. 

The meetings with Alkhorayef also explore opportunities for cooperation in industrial projects, Samir added.

Trade exchange between Egypt and Saudi Arabia increased by 13.5 percent in 2022 reaching $10.3 billion, up from $9.1 billion in 2021, according to official data.

Saudi investments in Egypt increased from $325.3 million in the fiscal year 2020/21 to $491.6 million in the fiscal year 2021/22 – a 51.5 percent increase.  

Egypt's new facilities for investors

In mid-May, the restructured Supreme Council for Investment issued  22 decrees to promote foreign direct investments (FDIs) and private investments in Egypt.

These decrees include numerous proposals for legislative amendments that will be submitted to Parliament for voting soon.

Prime Minister Mostafa Madbouly has recently announced that foreigners will be permitted to own property in Egypt, under specific regulations, without restrictions.


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