Egypt, Saudi Arabia aim to boost trade, investment ties

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Egypt and Saudi Arabia are looking forward to strengthening their trade exchanges and deepening commercial and investment ties, as per a statement.

This was discussed in a meeting between Egyptian Prime Minister Mostafa Madbouly and Saudi Minister of Commerce Majid bin Abdullah Al-Kassabi in Riyadh.

Madbouly highlighted Egypt’s efforts to resolve issues faced by Saudi investors in the country, noting that a significant number of these problems have been addressed, with work ongoing to resolve the remaining ones.

He emphasized that Egypt is aiming to attract more Saudi investments, especially with the introduction of unprecedented incentives, such as the golden license.

The Prime Minister also outlined the government's progress in economic reforms, mentioning recent tax relief measures. These reforms aim to resolve ongoing tax disputes with businesses and simplify tax procedures.

Moreover, Madbouly stated that Egypt has overcome its economic crisis but still faces challenges due to current regional developments impacting its economy.

For his part, Al-Kassabi reaffirmed the strategic economic and investment partnership between Egypt and Saudi Arabia.

He acknowledged Egypt’s significant investment potential, driven by the government’s economic reforms.

Al-Kassabi also stressed the importance of promoting the investment opportunities available in Egypt, describing them as promising for Saudi investors.