Egypt's Prime Minister Affirms Strong Support for Saudi Investment
Prime Minister Mostafa Madbouly welcomed a high-level delegation from Saudi Arabia's Sumo Holding Group during a meeting at the government headquarters in New Alamein City. The discussions focused on the group's investment plans in Egypt and reflected the Egyptian government's strong commitment to facilitating regional partnerships and creating a favorable climate for Gulf investors.
The Prime Minister warmly greeted Dr. Ayed Al-Qahtani, Chairman of Sumo Holding, and his accompanying delegation, which included senior executives from Sumo Real Estate, Ader Real Estate, Ader Global, and Medar for Urban Development. He emphasized that Saudi investors are welcome in their second home, Egypt, and that all efforts will be made to offer them incentives, streamline procedures, and prioritize investment-related services.
Madbouly noted that attracting foreign direct investment is a strategic priority for Egypt, and that Saudi investors are regarded as key partners in this vision. He also highlighted Egypt's support for the establishment of real estate investment funds, and praised the long-standing economic ties between Cairo and Riyadh.
Referring to the bilateral agreement on investment protection and promotion, the Prime Minister confirmed that most of the long-standing issues facing Saudi investors have already been resolved, earning the appreciation of Saudi business leaders.
Dr. Ayed Al-Qahtani expressed his appreciation for Egypt's recent progress, particularly in infrastructure development and the construction of new urban centers like the New Administrative Capital and New Alamein. He described Egypt as a promising market and announced that Sumo Holding is preparing to launch its first real estate investment project in the Egyptian market soon.
He also stated that Sumo Holding, along with its listed subsidiaries Sumo Real Estate and Ader Real Estate, has already gained recognition as one of the largest property developers in Medina, Mecca, and other Saudi cities. The company specializes in establishing real estate investment funds accredited by Saudi capital market authorities and is now applying this expertise to its expansion strategy in Egypt.
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