Madbouly and Al-Khorayef discussed plans to deepen cooperation in mining, particularly in gold exploration, where Saudi companies are already active in Egypt. The minister also expressed gratitude for Egypt's support of Saudi Arabia’s International Mining Conference, which brings together leading global players in the sector.
Prime Minister Mostafa Madbouly met with Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, at the government headquarters in Egypt’s New Administrative Capital. The meeting, attended by senior officials from both countries, focused on enhancing cooperation and integration in the industrial and mining sectors.
Madbouly highlighted Egypt’s promising investment opportunities in the industrial sector, emphasizing the potential for Saudi companies to benefit from Egypt’s network of free trade agreements. These agreements allow access to new markets and provide significant competitive advantages for Saudi investors. He noted that the Egyptian government prioritizes industry as a driver of economic growth, working to attract investment, develop local manufacturing, and create jobs.
The minister affirmed Saudi Arabia's private sector’s strong interest in investing in Egypt and highlighted ongoing efforts to align strategies for industrial integration. Key sectors identified for collaboration include petrochemicals, pharmaceuticals, and automotive manufacturing. Al-Khorayef also revealed plans for joint projects, such as a major polyester production facility, a raw material production plant for pharmaceuticals, and initiatives in electronics and household appliances.
Madbouly and Al-Khorayef discussed plans to deepen cooperation in mining, particularly in gold exploration, where Saudi companies are already active in Egypt. The minister also expressed gratitude for Egypt's support of Saudi Arabia’s International Mining Conference, which brings together leading global players in the sector.
Saudi Deputy Minister of Industry and Mineral Resources, Khalil bin Ibrahim Al-Salama, noted progress in talks about joint projects, including the proposed establishment of a major car manufacturing facility. He expressed optimism about formalizing these agreements in the coming months.
The Prime Minister also underscored the fruitful cooperation between the two nations in oil and mining. He invited Saudi companies to invest in Egypt's expanding petrochemical, oil, and gas industries, leveraging Saudi expertise in these fields. Egypt is currently advancing 11 petrochemical projects as part of its national industrial development plan.
Madbouly reiterated Egypt’s commitment to resolving any challenges faced by Saudi investors in the country, noting that 80 out of 90 identified investment issues had been resolved, with work ongoing to address the remaining concerns.
The Prime Minister praised the outcomes of Saudi Crown Prince Mohammed bin Salman’s recent visit to Egypt in October 2024. During the visit, the two nations signed the Egyptian-Saudi Higher Coordination Council Agreement, laying the groundwork for enhanced bilateral relations. Additionally, an agreement promoting and protecting mutual investments was finalized, which Madbouly described as pivotal for attracting Saudi investments into Egypt and launching joint industrial and mining projects.
