CSC Officials: Crown Prince Visit to Egypt Signify Strategic Relations

Officials of the Council of Saudi Chambers (CSC) commented on the significance of the visit of HRH Crown Prince Mohammed bin Salman to Egypt in regards to fostering strategic and economic relations between the two countries. The visit comes as part of the Kingdom’s efforts to foster its relations with international partners.

CSC Chairperson Eng. Ahmed Al Rajhi pointed to the promising cooperation opportunities between Saudi Arabia and Egypt Post-Saudi Vision 2030, whose initiatives entail attracting foreign investments, diversifying economy, and fostering partnerships with trade partners worldwide. Al Rajhi noted that Egypt offers various opportunities for Saudi investors to explore, adding that the official visit will have a positive impact on bilateral relations, especially in terms of the signed agreements, which will further facilitate trade and investment flow between the two friendly countries.

The CSC Chairperson pointed to the significance of the Crown Prince’s trip to Egypt as his first visit to the country following his appointment as Crown Prince, which reflects keenness on fostering strategic relations between the two countries. He added that both countries acknowledge the importance of these relations considering the contribution of Saudi investments to tourism, real estate, and industrial sectors in Egypt, and Egypt’s accessible market to Saudi investors, and its geographic location as a gateway to African markets. In addition to Egypt’s influential role, politically, in the region.

Eng. Al Rajhi commended the efforts of the Saudi and Egyptian leaderships in encouraging partnerships between their respective business communities, praising in this regard the measures taken by concerned bodies in Egypt to facilitate trade between the two countries and provide an investment environment that fosters these relations.

For his part, CSC Vice Chairperson Dr. Sami Al Obaidy stated that the Crown Prince’s visit to Egypt reflects the robust relations between the two most influential countries, economically and politically, in the region. He added that Saudi Arabia and Egypt possess great economic potentials and resources that enable them to create an effective alliance. He pointed to factors such as the Saudi Vision 2030, the economic and technical agreements between the two countries, the Saudi-Egyptian Committee, the Saudi-Egyptian Coordination Council, and the Saudi-Egyptian Business Council, which are all key tools to foster cooperation across various areas.

CSC Vice Chairperson Muneer bin Saad praised the Crown Prince’s efforts to foster bilateral relations between Saudi Arabia and Egypt, and encouraged the Saudi business community to utilize this opportunity to create long-term partnerships with their Egyptian counterpart, especially in the industrial and agricultural sectors. He pointed to the new Egyptian investment law, which protects the rights of investors, as well as other handy factors, such as the geographic proximity between the two countries and their respective resources in terms of capital, workforce, investment opportunities, and preferential trade agreements. Bin Saad noted that joint investments have been a main factor of fostering relations between Saudi Arabia and Egypt, and played a role in involving their respective private sectors in enhancing bilateral relations. He added that Saudi Arabia became the largest investor in Egypt in the region, noting that trade between the two countries reached around SAR 219 billion in 2016.

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CSC Secretary General Dr. Saud Al Meshari stated that Saudi-Egyptian relations have been significant across all areas, especially economically. He described the Crown Prince’s visit to Egypt as a positive indicator of these relations, especially considering the status and influence of the two countries in the region. He pointed to the vast opportunities in the Egyptian market in industrial, trade, and service sectors, noting the economic reform program currently implemented by the Egyptian government in this regard. He assured CSC’s commitment to fostering Saudi-Egyptian trade and investment relations, and monitoring the concerns of Saudi investments in Egypt through a special office created for this purpose. The Secretary General called for doubling the efforts to foster cooperation between the two friendly countries.