Egypt Approves Investment Protection Agreement with Saudi Arabia
The Egyptian Parliament has approved a bilateral investment protection agreement with Saudi Arabia.
The agreement aims to streamline and protect investments of Saudi and Egyptian companies in both countries, and strengthen economic ties between Saudi Arabia and Egypt.
It is part of an array of economic and investment deals signed between both countries during the Saudi Crown Prince Mohammed bin Salman's visit to Cairo in October 2024. Investment Protection Agreement
The Investment Protection Agreement has received robust support from the leaderships of Saudi Arabia and Egypt, as well as ministers, ambassadors, the Federation of Saudi Chambers, and the Saudi-Egyptian Business Council.
The agreement is expected to have positive impacts, including providing a safe and attractive environment for investments; increasing the flow of capitals and investments in both countries; and creating more job opportunities, the Federation of Saudi Chambers said on X. Agreement Objectives
According to a report from a joint committee of Egyptian parliamentary bodies, the Investment Protection Agreement aims to promote and protect mutual investments between Saudi Arabia and Egypt, bolster bilateral economic ties, and ensure alignment with both countries' economic priorities.
Furthermore, it aims to create favorable conditions and more opportunities to encourage investments, promote investment opportunities in both countries, facilitate technology transfer, create more jobs, and develop human resources through mutual investments, reported Egypt's Parliament News Agency. Saudi-Egyptian Economic Ties
The report highlighted the strength of the Saudi-Egyptian economic relations. In recent years, bilateral economic ties have witnessed significant progress, supported by a strategic partnership and joint investment projects.
This contributes to bolstering bilateral cooperation across various sectors, underscoring the depth of the historical relations between Saudi Arabia and Egypt.
The Investment Protection Agreement is part of a series of bilateral investment and economic agreements signed in October 2024, during the Saudi Crown Prince's visit to Egypt. Supreme Coordination Council
The visit also saw the establishment of the Saudi-Egyptian Supreme Coordination Council, chaired by the Saudi Crown Prince and the Egyptian President, Abdel Fattah Al-Sisi.
The Supreme Coordination Council is a major stride towards strengthening bilateral relations through concerting efforts across various fields, including economy, trade and investment.
Moreover, it aims to enhance political, economic, and developmental ties between Saudi Arabia and Egypt, crystalizing their shared vision for regional stability and growth. Saudi-Egyptian Trade Exchange
The joint committee report noted that the value of trade exchange between Saudi Arabia and Egypt has increased in recent years.
During the first 8 months of 2024, it increased to $6.5 billion, compared to $4.9 billion during the same period in 2023. This marks a 32.7% growth, according to the Egyptian Central Agency for Public Mobilization and Statistics.
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