logo
Egypt and Saudi foreign ministers discuss strengthening ties

Egypt and Saudi foreign ministers discuss strengthening ties

The National21-04-2025

Egypt 's Foreign Minister Badr Abdelatty visited Riyadh on Monday for talks with his Saudi counterpart, Prince Faisal bin Farhan, on strengthening bilateral ties and co-ordinating on critical regional issues, including the war in Gaza.
Mr Abdelatty and Prince Faisal later chaired the annual meeting of the Egypt-Saudi Political Consultation and Follow-Up Committee.
Both sides highlighted the growing ties between the two countries and their commitment to advancing economic, political and cultural co-operation in line with the directives of Egypt's President Abdel Fattah El Sisi, and Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman, said an Egyptian Foreign Ministry statement.
The discussions centred on increasing economic and investment ties. Mr Abdelatty stressed the importance of maximising institutional frameworks and facilitating high-level exchanges between officials and business leaders from both countries. He referenced the visit of the Saudi-Egyptian Business Council and the Federation of Saudi Chambers to Cairo this month to explore investment opportunities in Egypt.
Both sides announced plans to launch an Egyptian-Saudi Investment Forum and activate the "High Co-ordination Council" for bilateral co-operation, the statement said.
Mr Abdelatty also outlined Egypt's efforts to attract Saudi investment, citing financial and tax reforms as well as incentives for foreign investors, and stressed the importance of economic integration, particularly in industrial development. He proposed aligning Egypt's Vision 2030 with Saudi Arabia's Vision 2030 to enhance their collaboration.
On regional issues, the ministers discussed the war in Gaza and underscored the urgent need for a ceasefire and to address the deteriorating humanitarian conditions.
They rejected the forced displacement of Palestinians and reviewed plans for reconstruction efforts in Gaza, including an international conference to be co-hosted by Egypt, the Palestinian government and the United Nations.
The talks also covered developments in Sudan, Syria, Lebanon, Yemen and the Horn of Africa, with both sides reaffirming their shared commitment to regional security and stability.
The Egyptian Foreign Ministry said maritime security in the Red Sea − where commercial vessels face the threat of attacks by Yemen's Houthi rebels − was also addressed as part of broader discussions on ensuring safe navigation in the region.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Saudia expands regional footprint via flights to El-Alamein, Salalah
Saudia expands regional footprint via flights to El-Alamein, Salalah

Zawya

time31 minutes ago

  • Zawya

Saudia expands regional footprint via flights to El-Alamein, Salalah

Riyadh – Saudia officially launched flights from Jeddah to El-Alamein in Egypt and Salalah in Oman, according to a press release. The new El-Alamein route marks Saudia's fourth destination in Egypt, with three weekly flights operating from King Abdulaziz International Airport in Jeddah in each direction. This is in addition to three weekly flights from King Khalid International Airport in Riyadh. Moreover, Saudia launched flights from Jeddah to Salalah in Oman, marking the airline's second destination in the country following Muscat. The route also operates with three weekly flights in each direction. Both new destinations are operated by Airbus A320 aircraft, with comfortable seating and a wide range of in-flight entertainment options developed to enhance the overall guest experience. Meanwhile, Saudia has a modern fleet of 147 aircraft and plans to add 118 more in the coming years. This expansion aligns with the Saudi airline's efforts to enhance the guest experience, deploying advanced AI technologies and leveraging the latest developments in ground and in-flight services. The company recently launched its first direct flights from Riyadh to Vienna, the capital of Austria. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (

Egypt-Turkey trade exchange approaches $9bln in 2024
Egypt-Turkey trade exchange approaches $9bln in 2024

Zawya

timean hour ago

  • Zawya

Egypt-Turkey trade exchange approaches $9bln in 2024

Egypt - As part of ongoing efforts to strengthen Turkish investments in Egypt, Minister of Foreign Affairs and Immigration Badr Abdelatty met with a group of Turkish business leaders in Istanbul on the sidelines of the Organisation of Islamic Cooperation's ministerial meeting. During the meeting, Abdelatty underscored the growing economic ties between Egypt and Turkey, highlighting the significant progress in trade and investment cooperation. He announced that bilateral trade between the two countries reached nearly $9bn in 2024, with Turkey emerging as a key destination for Egyptian exports. Conversely, Egypt has become one of the leading African markets for Turkish goods. The Minister stressed the need for collaborative efforts from both governments and private sector stakeholders to achieve the target of raising bilateral trade to $15bn—a goal agreed upon by the political leaderships of both countries to deepen economic integration and serve shared interests. Abdelatty highlighted the importance of the Egypt-Türkiye free trade agreement, in force since 2005, as a key driver of trade growth. He also noted the potential to expand its scope and remove remaining barriers to trade to further enhance economic cooperation. Welcoming the rising volume of Turkish investments in Egypt, Abdelatty expressed Egypt's commitment to attracting more Turkish capital by leveraging its extensive network of trade agreements and the investor-friendly environment of the Suez Canal Economic Zone. He also pointed to the incentives and facilities available to foreign investors, affirming the government's resolve to address any challenges facing Turkish businesses. In this context, he cited the recent decision by the Egyptian Prime Minister to establish a dedicated unit to support Turkish investments and ensure smooth business operations in the country. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (

Amazon exercises option to acquire direct stake in Valu
Amazon exercises option to acquire direct stake in Valu

Gulf Business

timean hour ago

  • Gulf Business

Amazon exercises option to acquire direct stake in Valu

Image credit: Supplied Amazon has exercised its option to acquire a direct equity stake in Valu, the consumer finance arm of EFG Holding, following the company's listing on the Egyptian Exchange (EGX). The global e-commerce giant will now own approximately 3.95 per cent of Valu's share capital, executing the transaction through the EGX's block trade mechanism at a price of EGP 6.041 per share. The stake purchase is set to occur during the first trading session of Valu's shares, after receiving the necessary regulatory approvals. Read- The agreement stems from a 2022 deal in which Amazon invested $10m in global depositary receipts (GDRs) of EFG Holding. As part of that deal, Amazon secured the right to convert its investment into a 4.255 per cent stake in Valu, contingent on a qualified liquidity event — a milestone now met with Valu's public market debut. EFG Holding Group CEO Karim Awad hailed Amazon's decision as a strategic endorsement of EFG's capacity to build and scale innovative ventures in the region. 'We are proud to witness Amazon's decision to acquire a direct stake in Valu,' Awad said. 'This milestone underscores our commitment to delivering long-term value and highlights Valu's role in advancing financial inclusion and digital transformation in Egypt.' Valu CEO Walid Hassouna echoed the sentiment, emphasising the company's customer-centric approach and adaptability in a dynamic financial landscape. 'This milestone is a powerful testament to the resilience of our business model,' Hassouna said. 'We remain committed to empowering individuals and businesses through innovative financial solutions.' Maged El Ayouti, co-head of Investment Banking at EFG Hermes, credited the firm's advisory role in facilitating the Amazon transaction and guiding Valu's path to the public market. 'From securing Amazon's strategic investment to preparing for Valu's EGX debut, we're proud to support the company's transformative growth,' he said. Valu's listing on the EGX was formally completed on May 21, 2025, with shares becoming available for trading starting June 23, 2025. EFG Hermes acted as the sole financial advisor to both EFG Holding and Valu on the transaction.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store