Egypt approves investment promotion agreement with Saudi Arabia

President of Egypt, Abdel Fattah el-Sisi (R) welcomes Crown Prince of Saudi Arabia, Mohammed bin Salman (L) at the International Cairo Airport in Cairo, Egypt on October 15, 2024 [Egyptian Presidency / Handout – Anadolu Agency]

The Egyptian parliament yesterday approved an agreement on the promotion and protection of mutual investments signed between Egypt and Saudi Arabia last October, Gulf Online reported.

According to a statement published by the Federation of Saudi Chambers on its official account on X, the approval by the Egyptian parliament will help create optimal conditions for investment exchange between the two countries.

The federation noted that the agreement “will lead to an increase in capital flows and investments between the two countries, provide more job opportunities, and strengthen economic relations.”

In mid-October, during Saudi Crown Prince Mohammed Bin Salman’s visit to Cairo, the two nations signed an investment promotion and protection agreement and announced the establishment of the Egyptian-Saudi Higher Coordination Council.

Saudi private sector investments in Egypt were estimated at around $35 billion as of October 2024, amid a shared commitment from both countries to boost investment and trade exchange in a way that is mutually beneficial.

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