JEDDAH: In an effort to increase capital inflows, generate employment, and fortify economic connections between the two countries, the Egyptian parliament has adopted a bilateral investment protection agreement with Saudi Arabia. During his October visit to the North African nation, Saudi Crown Prince Mohammed bin Salman inked a number of business agreements, including the creation of the Saudi-Egyptian Supreme Coordination Council.
According to Egypt’s Parliament News Agency, the original signing was attended by both the crown prince and President Abdel Fattah El-Sisi. The agreement was characterized as a significant step toward strengthening economic cooperation, creating investment opportunities, and advancing sustainable development between the two nations in a report written by a joint committee of Egyptian parliamentary authorities.
It also highlighted initiatives to support technology transfer, generate employment, and invest in each other’s human resources. According to the news agency, “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.”
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