Prime Minister Mostafa Madbouly recently disclosed some details of the upcoming Egyptian-Saudi Investment Protection and Promotion Agreement, describing it as a crucial step in ensuring stability and security for Saudi investments in Egypt.

It is expected to be implemented within the next two months, following necessary legislative and regulatory procedures.

The PM delivered a keynote address at a major business event, organized by the Saudi Chambers of Commerce, with leading Saudi investors and representatives of Saudi private sector institutions on Monday.

In his opening remarks, Madbouly extended a warm welcome to the attendees, including ministers from both countries, members of the Saudi Chambers of Commerce, and the Egyptian-Saudi Business Council.

He expressed gratitude to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for their hospitality and warmth since the Egyptian delegation's arrival in Saudi Arabia.

The Prime Minister stressed that Egypt aims for a mutual relationship that benefits both countries, with over 5,700 Egyptian companies currently operating in Saudi Arabia—a testament to the mutual benefits of their investments.

Madbouly expressed a desire to increase the number of Saudi investments in Egypt as well.

He acknowledged the challenging period Egypt has undergone, including two revolutions in 2011 and 2013, and subsequent economic and social challenges. He also noted that Egypt has faced unprecedented global shocks, such as the COVID-19 pandemic and the Russian-Ukrainian war, as well as regional issues like the Gaza conflict.

Despite these pressures, Egypt has worked to improve its investment climate, he added.

The PM addressed the historical issues faced by Saudi investors, some of which have persisted due to lengthy legal disputes, and assured attendees that significant progress has been made in resolving many of these issues, with only 14 remaining challenges currently being addressed.

Madbouly emphasized the government’s commitment to resolving these issues by the end of 2024 and highlighted the ongoing efforts to facilitate smoother interactions with Saudi investors.

He also underscored the Egyptian government’s dedication to improving the investment environment through legislative reforms, logistical support, and eliminating bureaucratic obstacles.

On financial policy reforms, Madbouly pointed out improvements in exchange rate stability and the recently-announced new tax facilitation measures to address tax disputes and ensure transparency.

He reiterated Egypt’s commitment to offering all possible incentives to investors and revealed plans for a new unit within the Ministry of Investment dedicated to supporting Saudi investors.