Egypt-Saudi Arabia Economic Ties Strengthened through High-Level Discussions
CAIRO, July 29, 2024 — Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, met with the Saudi Ambassador to Egypt, Saleh bin Eid Al-Husseini, to discuss enhancing economic ties and increasing Saudi investments in Egypt.
El-Khatib emphasized Egypt’s commitment to deepening its strategic economic partnership with Saudi Arabia across various sectors. He stressed the importance of implementing a comprehensive strategy to explore new avenues for bilateral investments and enhancing communication with key Saudi enterprises to identify collaborative opportunities.
The discussions also highlighted streamlining investment procedures, providing necessary support to Saudi investors, and monitoring Saudi firms operating in the Egyptian market.
Ambassador Al-Husseini expressed his country’s appreciation for Egypt’s efforts to improve the investment climate.
In a related development, Mahmoud Esmat, Egypt’s Minister of Electricity and Renewable Energy, announced plans to launch the electrical interconnection project between Egypt and Saudi Arabia by next summer. This initiative aims to establish a cooperative energy exchange system that leverages the peak load disparities between the two countries. Esmat made the announcement during discussions with Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman bin Abdulaziz.
Source: Egypt Today
