OPEN// PM underscores significance of investment promotion, protection agreement between Egypt and Saudi Arabia
Most of the longstanding issues faced by Saudi investors in Egypt have already been resolved—something that has been well received and praised by Saudi investors themselves, Madbouli added during his meeting on Monday with Ayedh Al-Qahtani, Chairman of Saudi Arabia's Sumou Holding.
Held at the government headquarters in New Alamein City, the meeting reviewed the Saudi group's investment plans in Egypt.
The meeting was attended by the group's CEO Saeed Salem Al-Nahdi, CEO of Sumou Investment Abdulrahman Al-Qahtani, CEO of Adeer Real Estate Company Meteb Al Saad Al-Qahtani, CEO of Adeer International Bassel El Serafy, Managing Director and CEO of Midar for Investment and Urban Development Ayman ElKousey, and COO of Adeer International Ahmed Helmy.
The premier affirmed the Egyptian government is offering every possible incentive and facilitation for investors and creating a favorable investment environment across all sectors, noting that he directed relevant ministers to put this file as a top priority.
He added that the government is working to attract foreign investments and welcomes Saudi investors and Sumou's initiative for establishing real estate investment funds.
Meanwhile, Ayedh Al-Qahtani said Sumou is one of the largest real estate development companies with two subsidiaries —Sumou Real Estate and Adeer Real Estate— listed on the Saudi stock exchange.
"We are working on launching a real estate fund in Egypt," he added.
Sumou Real Estate and Sumou Holding are among the largest developers in Medina, Mecca, and other Saudi cities, he noted.
Qahtani pointed out that the group operates in Egypt through Adeer and has previously partnered with several Egyptian companies in Saudi Arabia.
"We are eager to invest in Egypt and will soon announce our first project in the Egyptian market," he said.
Qahtani also praised Egypt's recent achievements, especially in infrastructure and new city construction, such as the New Administrative Capital and New Al Alamein City.
"Real estate funds will create a major shift in Egypt's investment landscape, and we plan to invest strategically in this sector," he noted.
He also commended the agreement on the promotion and protection of mutual investments between Egypt and Saudi Arabia, noting that it would encourage many Saudi investors to inject investments into the Egyptian market. (MENA)
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