During the meeting, Maait informed Al-Nugali about Egypt’s structural and legislative improvements, including the new modernization project for customs and tax systems
Egypt is working towards creating a more attractive environment for local and foreign investors to deepen partnerships with the private sector, Minister of Finance Mohamed Maait asserted to Saudi Ambassador to Egypt Osama Al-Nugali during a meeting today.
Enhancing the investment environment will improve Egypt’s national economic structure, create more job opportunities, enrich citizen’s lives and living standards, as well as elevate the quality of services extended to them, explained Maait.
In a meeting to discuss Egypt’s investment opportunities, Al-Nugali stated that the Saudi government was keen to increase investments in Egypt and taking advantage of its investment opportunities, highlighting the Saudi Public Investment Fund’s interest as well.
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During the meeting, Maait informed Al-Nugali about Egypt’s structural and legislative improvements, including the new modernization project for customs and tax systems aimed at easing internal and external trade flow.
Both Maait and Al-Nugali emphasized the strength of the two countries’ relations, and both governments’ hope to further deepen bilateral cooperation to benefit both of their peoples.
Maait explained that there is plenty of investment opportunities for Saudi investors, adding that Egypt is willing to benefit from the investments the Saudi Public Investment Fund (PIF) provides in order to enhance the country’s inclusive and sustainable development.
According to the statement by the Ministry of Finance, the PIF is of the largest sovereign wealth funds globally, with assets under management worth $500 billion.
The PIF’s companies also have investment shares in the Middle East and North Africa region, including listed joint-stock companies or private companies.
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Saudi Arabia is the second largest investor in the Egyptian market, with investments surpassing $6 billion across more than 500 investment projects. Egypt is also the eighth largest recipient of Saudi exports, with a total trade exchange in petroleum and non-oil goods exceeding $7.5 billion, according to Egypt’s Ministry of Trade and Industry.