Latest news with #Saudi-EgyptianSupremeCoordinationCouncil
Asharq Al-Awsat
25-03-2025
- Business
- Asharq Al-Awsat
Egyptian Parliament Approves Formation of Saudi-Egyptian Supreme Coordination Council
The Egyptian Parliament, chaired by Speaker Dr. Hanafy El Gebali, approved on Monday the formation of the Saudi-Egyptian Supreme Coordination Council, aimed at elevating bilateral relations to an unprecedented strategic level. The establishment of the council was announced in mid-October following discussions between Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Egyptian President Abdel Fattah al-Sisi in Cairo. By the end of last year, the Egyptian government had approved the council's formation, with an official statement highlighting its goal of 'intensifying communication and strengthening cooperation between Saudi Arabia and Egypt across various sectors of mutual interest.' During a joint press conference with his Saudi counterpart Prince Faisal bin Farhan bin Abdullah in September, Egyptian Foreign Minister Badr Abdelatty emphasized that the Supreme Coordination Council would serve as 'an overarching framework to further deepen bilateral relations and expand cooperation across political, economic, trade, developmental, and investment sectors to benefit both nations.' According to the Egyptian government's statement, the council will comprise ministers and officials from both countries in relevant fields and will hold regular meetings alternately in both nations, with provisions for extraordinary meetings when necessary. The council will replace the previously established Joint Higher Committee Agreement. Ahmed Fouad Abaza, chairman of the Egyptian Parliament's Arab Affairs Committee, stated that the council aims to achieve several strategic objectives, including coordination and consultations on regional and international issues of mutual concern, contributing to security and stability in the region. He added that the council would boost economic, trade, and investment partnerships by facilitating Saudi investments in Egypt and encouraging private sector collaboration between the two countries. It will also focus on exchanging expertise and information in security and defense, as well as strengthening cooperation in counterterrorism and combating organized crime. The council will drive cooperation in key sectors such as education, healthcare, agriculture, environmental sustainability, culture, industry, technology, telecommunications, transportation, digital transformation, infrastructure, and energy, among other vital areas, stressed Abaza.
Arab News
12-03-2025
- Business
- Arab News
Egypt approves investment protection deal with Saudi Arabia
JEDDAH: Egypt's parliament has approved a bilateral investment protection agreement with Saudi Arabia, aiming to boost capital inflows, create jobs, and strengthen economic ties between the two nations. The agreement is part of a series of economic deals signed during Saudi Crown Prince Mohammed bin Salman's October visit to the North African country, which also established the Saudi-Egyptian Supreme Coordination Council. Both the crown prince and Egyptian President Abdel Fattah El-Sisi attended the initial signing, according to the country's Parliament News Agency. A report from a joint committee of Egyptian parliamentary bodies described the agreement as a key step toward enhancing economic cooperation, fostering investment opportunities, and promoting sustainable development between the two countries. It also highlighted efforts to facilitate technology transfer, create jobs, and develop human resources through mutual investments. 'The parliamentary report also indicated that economic relations between the two countries have witnessed remarkable development in recent years, supported by a strategic partnership and joint investment projects that contribute to strengthening bilateral cooperation in various sectors, reflecting the depth of the historical relations between the two brotherly countries,' the news agency stated. The agreement is backed by leaders, ministers, ambassadors from both nations, the Federation of Saudi Chambers of Commerce, and the Saudi-Egyptian Business Council, according to an FSC post on X. Economic ties between the two nations have strengthened notably in recent years. The joint committee report indicated that the value of trade exchange between Egypt and Saudi Arabia increased to $6.5 billion during the first 8 months of 2024, compared to $4.9 billion during the same period in 2023, an increase of 32.7 percent, according to the Egyptian Central Agency for Public Mobilization and Statistics. The deal supports Saudi Arabia's Vision 2030 — an economic diversification strategy aimed at reducing reliance on oil revenues by increasing non-oil exports and strengthening regional trade alliances, including with Egypt. In March 2022, Saudi Arabia deposited $5 billion into the Central Bank of Egypt, bringing total deposits from the Kingdom to $10.3 billion. The funds helped stabilize Egypt's foreign exchange reserves after foreign investor withdrawals spiked following the war in Ukraine. Saudi Arabia's Ministry of Investment issued 789 licenses to Egyptian companies in the second quarter of 2024 — a 71 percent rise from the same period in 2023 — making the country the top recipient of the permits from the Kingdom.
