CAIRO: A delegation from the Saudi National Real Estate Committee has held talks with the General Authority for Investment and Free Zones in Egypt on how to boost investment cooperation between the two countries.
The talks were led by Mohamed Abdullah Abdel Aziz Al-Murshed, who chairs the Saudi committee, and Mohamed Abdel-Wahab, CEO of the Egyptian investment authority. Also present were Tariq Shukri, who chairs Egypt’s real estate development chamber, and representatives of 27 leading Saudi companies in the fields of real estate development, industry, agriculture and building materials.
The meeting followed the visit of Crown Prince Mohammed bin Salman to Egypt, on the sidelines of which 14 investment agreements were signed between the two nations, according to a press release.
Abdel-Wahab stressed the “importance of strengthening investment relations between the two countries, especially in light of what the current period is witnessing in providing unprecedented support to the private sector, and encouraging Arab and foreign companies to pump more investment into the Egyptian market, including the construction sector.”
He said the sector was “one of the main pillars of the national projects being implemented, such as the Suez Canal axis, and fourth generation cities such as the Administrative Capital, New Alamein and others, which aim to create smart cities based on electronic services and renewable energy, in addition to implementing a huge network of roads and bridges to connect national projects and new cities.”
The meeting looked at ways to enhance cooperation by exploiting the competitive advantages of Egypt as a destination for investment in the region, and reviewing the investment opportunities available.
It also highlighted the importance of strengthening economic cooperation between the two countries.
Abdel-Wahab said the investment authority was keen to attract more Saudi investment in Egypt by intensifying communication with major companies and introducing the Saudi business community to the latest developments there.