International Courant
Saudi Arabia’s Crown Prince met with Egyptian Prime Minister Mostafa Madbouly to debate funding alternatives obtainable between the 2 international locations within the fields of business, agriculture and renewable power, in keeping with an announcement by Egyptian Cupboard spokesman Mohamed al-Homsani.
Through the assembly, the Saudi prince ordered $5 billion in investments in Egypt as a primary part.
A lot of the assembly targeted on methods to draw and facilitate funding, and work to take away obstacles to Saudi funding in Egypt.
Essentially the most outstanding funding areas mentioned through the assembly have been meals security manufacturing and localization of the automotive business – particularly electrical automobiles – cooperation in renewable power era, amongst different areas similar to city growth and metropolis building.
The Saudi Funding Minister on Sunday praised the Egyptian authorities’s efforts to resolve the issues of Saudi buyers working in Egypt, saying: “Because the Ministry of Funding, we carried out a census of Saudi investments overseas, and we discovered that Egypt is among the many high 5 international locations with Saudi investments outdoors its borders. Due to this fact, one in all my duties is to help Saudi buyers and supply them with safety, particularly in brotherly international locations like Egypt.”
He indicated that there’s a tendency on the Saudi aspect to transform deposits into investments by means of the Public Funding Fund (PIF), particularly given the fund’s constructive funding expertise in Egypt on a lot of initiatives.
After the assembly ended, the Saudi Funding Minister confirmed that preparations have been made for a lot of future conferences. for the prime minister and his accompanying delegation with a lot of Saudi buyers.
Saudi Arabia to speculate $5 billion in Egypt in first part
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