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Daily News Egypt
21-04-2025
- Business
- Daily News Egypt
Egypt's Foreign Minister leads delegation for political consultation talks in Saudi Arabia
Egypt's Minister of Foreign Affairs and Expatriates, Badr Abdelatty, led the Egyptian delegation participating in the Political Consultation and Follow-up Committee meeting with Saudi Arabia in Riyadh on Monday. The Saudi delegation was headed by Saudi Foreign Minister Prince Faisal bin Farhan. The committee convenes annually, with the location alternating between the two countries. Prior to the committee session, Abdelatty held a bilateral meeting with his Saudi counterpart, Prince Faisal, according to Ambassador Tamim Khalaf, spokesperson for the Egyptian Ministry of Foreign Affairs. During this meeting, the ministers acknowledged the strong bilateral relations and the historical ties between the two nations, noting the rapid development observed in their relationship. The spokesperson stated the meeting reflected a shared commitment to advancing cooperation, in line with directives from Egyptian President Abdel Fattah El-Sisi, Saudi King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman, aimed at deepening relations across various fields and coordinating on issues of common interest for the benefit of both populations. During the main committee proceedings, the ministers discussed ways to support economic and investment relations. Minister Abdelatty emphasised the need to make full use of existing institutional economic frameworks between Egypt and Saudi Arabia and to encourage reciprocal visits by senior officials, business leaders, and investors. He referred to the recent visit of a delegation from the Egyptian-Saudi Business Council and the Federation of Saudi Chambers to Cairo from April 12-14, which aimed to explore available investment opportunities. Abdelatty stressed the importance of building on the outcomes of this visit to enhance economic cooperation and increase Saudi investments in Egypt. He also highlighted interest in launching an Egyptian-Saudi Investment Forum as a significant step to bolster economic ties. Agreement was reached on the importance of establishing the 'Supreme Egyptian-Saudi Coordination Council' and initiating its activities as soon as possible. This council is intended to elevate cooperation between the two countries across political, economic, cultural, social, military, and security domains. The Egyptian Foreign Minister outlined Egypt's strategy to create an optimal environment for Saudi investors and business figures to encourage investment. He detailed incentives offered by Egypt to support foreign investment, alongside financial and tax reforms undertaken by the country. Abdelatty underscored the importance of translating the close ties and the enhanced institutional relationship into tangible benefits, aiming to achieve comprehensive and sustainable development aspirations for both nations. This includes striving to double the trade exchange volume between Egypt and Saudi Arabia to meet the expectations of both peoples. He also noted the significance of utilising the existing agreement on the promotion and protection of mutual investments to foster investment cooperation. Furthermore, Abdelatty addressed the issue of industrial localisation and technology transfer, highlighting its high priority for the Egyptian state. He affirmed the importance of achieving integration between Egypt and Saudi Arabia in industrial sectors and described the facilities provided by the Egyptian government to industrial investors. The minister also pointed to the significance of aligning the Egyptian and Saudi Vision 2030 strategies and integrating the industrial strategies of both countries. On regional matters, the ministers exchanged views on various issues of mutual concern. Foremost among these were developments in Gaza, including efforts towards de-escalation and securing a ceasefire, particularly given the deteriorating humanitarian situation in the Strip. Both sides reaffirmed their complete rejection of the displacement of Palestinians from their land. They also discussed the Arab-Islamic plan for reconstruction in Gaza and the proposed international conference, which Egypt intends to host in cooperation with the United Nations and the Palestinian government, focused on early recovery and reconstruction efforts in Gaza. The committee meeting also included an exchange of perspectives on the latest developments concerning Sudan, Syria, Lebanon, the Horn of Africa, the crisis in Yemen, and maritime security in the Red Sea. There was an alignment of views between the two sides on these issues and a shared commitment to pursuing security and stability in the region.
Egypt Today
21-04-2025
- Business
- Egypt Today
Egyptian, Saudi FMs reaffirm unequivocal rejection of forcibly displacement of Palestinians
The Saudi delegation was headed by Minister of Foreign Affairs Prince Faisal bin Farhan. Discussions between the two sides focused on strengthening bilateral economic and investment relations, as well as exchanging perspectives on key regional developments, most notably, the ongoing situation in Gaza with both parties reaffirming their unequivocal rejection of any attempts to forcibly displace the Palestinian people from their land. According to foreign ministry spokesman Tamim Khallaf, Abdelatty held a one-on-one meeting with his Saudi counterpart prior to the committee session. During the meeting, both ministers commended the deep-rooted fraternal and historical relations between the two nations and acknowledged the significant progress witnessed in their bilateral cooperation. The meeting reflected a shared commitment to further advancing joint collaboration, in line with the directives of President Abdel Fattah El Sisi, Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman to deepen and expand bilateral cooperation across various fields and ensure close coordination on regional and international issues of mutual interest, serving the shared aspirations of both peoples. During the committee's talks, Abdelatty underscored the importance of maximizing the benefits of the existing institutional frameworks governing economic cooperation between Egypt and Saudi Arabia. He highlighted the success of the recent visit organized by the Egyptian-Saudi Business Council and the Federation of Saudi Chambers to Cairo from 12 to 14 April, which aimed to explore investment opportunities. He emphasized the necessity of building upon the outcomes of that visit to bolster economic cooperation and expand Saudi investments in Egypt. Furthermore, he stressed the importance of launching a joint Egyptian-Saudi Investment Forum as a landmark initiative to elevate economic relations between the two countries. The top diplomat reiterated Egypt's commitment to creating an attractive environment for Saudi investors and entrepreneurs by outlining the incentives and facilitative measures offered by the Egyptian government, which include wide-ranging financial and tax reforms designed to encourage foreign direct investment. He emphasized the need to translate the robust institutional and fraternal relations between Egypt and Saudi Arabia into comprehensive and sustainable cooperation that meets the aspirations of both peoples. In this regard, he called for significantly increasing bilateral trade and further enhancing economic and commercial integration. Abdelatty also addressed the strategic priority placed by the Egyptian state on localizing industry and technology, stressing the importance of industrial integration between Egypt and Saudi Arabia. He reviewed the facilities and support available to industrial investors and called for aligning both nations' development strategies—specifically Egypt's Vision 2030 and Saudi Arabia's Vision 2030—to achieve economic integration. On regional matters, the two ministers exchanged views on key developments, with particular emphasis on the deteriorating humanitarian situation in the war-ravaged Gaza. They discussed joint efforts aimed at securing a ceasefire and de-escalation, reaffirming their absolute rejection of any forced displacement of Palestinians. Discussions also covered the Arab-Islamic reconstruction initiative for Gaza, as well as preparations for the upcoming international conference, to be hosted by Egypt in cooperation with the United Nations and the Palestinian government, focusing on early recovery and reconstruction efforts. The session further included an exchange of views on recent developments in Sudan, Syria, Lebanon, and the ongoing crisis in Yemen, in addition to security in the Red Sea. Both sides demonstrated convergence in their positions on these issues and reiterated their mutual commitment to working together in pursuit of regional security and stability.
Egypt Today
21-04-2025
- Business
- Egypt Today
Egyptian, Saudi FMs co-chair joint political consultation, follow-committee
The Saudi delegation was headed by Minister of Foreign Affairs Prince Faisal bin Farhan. Discussions between the two sides focused on strengthening bilateral economic and investment relations, as well as exchanging perspectives on key regional developments, most notably, the ongoing situation in Gaza with both parties reaffirming their unequivocal rejection of any attempts to forcibly displace the Palestinian people from their land. According to foreign ministry spokesman Tamim Khallaf, Abdelatty held a one-on-one meeting with his Saudi counterpart prior to the committee session. During the meeting, both ministers commended the deep-rooted fraternal and historical relations between the two nations and acknowledged the significant progress witnessed in their bilateral cooperation. The meeting reflected a shared commitment to further advancing joint collaboration, in line with the directives of President Abdel Fattah El Sisi, Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman to deepen and expand bilateral cooperation across various fields and ensure close coordination on regional and international issues of mutual interest, serving the shared aspirations of both peoples. During the committee's talks, Abdelatty underscored the importance of maximizing the benefits of the existing institutional frameworks governing economic cooperation between Egypt and Saudi Arabia. He highlighted the success of the recent visit organized by the Egyptian-Saudi Business Council and the Federation of Saudi Chambers to Cairo from 12 to 14 April, which aimed to explore investment opportunities. He emphasized the necessity of building upon the outcomes of that visit to bolster economic cooperation and expand Saudi investments in Egypt. Furthermore, he stressed the importance of launching a joint Egyptian-Saudi Investment Forum as a landmark initiative to elevate economic relations between the two countries. The top diplomat reiterated Egypt's commitment to creating an attractive environment for Saudi investors and entrepreneurs by outlining the incentives and facilitative measures offered by the Egyptian government, which include wide-ranging financial and tax reforms designed to encourage foreign direct investment. He emphasized the need to translate the robust institutional and fraternal relations between Egypt and Saudi Arabia into comprehensive and sustainable cooperation that meets the aspirations of both peoples. In this regard, he called for significantly increasing bilateral trade and further enhancing economic and commercial integration. Abdelatty also addressed the strategic priority placed by the Egyptian state on localizing industry and technology, stressing the importance of industrial integration between Egypt and Saudi Arabia. He reviewed the facilities and support available to industrial investors and called for aligning both nations' development strategies—specifically Egypt's Vision 2030 and Saudi Arabia's Vision 2030—to achieve economic integration. On regional matters, the two ministers exchanged views on key developments, with particular emphasis on the deteriorating humanitarian situation in the war-ravaged Gaza. They discussed joint efforts aimed at securing a ceasefire and de-escalation, reaffirming their absolute rejection of any forced displacement of Palestinians. Discussions also covered the Arab-Islamic reconstruction initiative for Gaza, as well as preparations for the upcoming international conference, to be hosted by Egypt in cooperation with the United Nations and the Palestinian government, focusing on early recovery and reconstruction efforts. The session further included an exchange of views on recent developments in Sudan, Syria, Lebanon, and the ongoing crisis in Yemen, in addition to security in the Red Sea. Both sides demonstrated convergence in their positions on these issues and reiterated their mutual commitment to working together in pursuit of regional security and stability.
