Rédaction Africa Links 24 with Egypt Independent
Published on 2024-03-20 10:45:54
The Saudi Cabinet recently gave the green light to a memorandum of understanding between the Ministry of Finance in Saudi Arabia and its counterpart in Egypt to establish a high-level financial dialogue, as reported by the Saudi Press Agency (SPA).
This move comes as the Egyptian government gears up to launch new projects following the signing of a significant investment deal between Egypt and the UAE to develop the Ras al-Hikma area.
In March, Egyptian cabinet spokesperson Mohamed al-Hommosany revealed that the government had received an additional five billion dollars from the initial installment of the Ras al-Hikma investment partnership deal with the UAE, completing the first tranche totaling $10 billion.
Prime Minister Mostafa Madbouly declared during a late February cabinet meeting that efforts had been made to coordinate between the Central Bank of Egypt and the UAE to transfer five billion dollars from the deposit into the Egyptian pound.
He also confirmed that Egypt is expected to receive the remaining amount within two months, totaling $35 billion in direct investment entering the country from this deal. Additionally, the state will receive 35 percent of the net profits generated by the project.
The collaboration between Saudi Arabia and Egypt in establishing a high-level financial dialogue underscores the commitment to strengthening economic ties between the two nations. This agreement marks a significant step towards enhancing cooperation and fostering economic development in the region.
The investment deal between Egypt and the UAE to develop the Ras al-Hikma area signifies a strategic partnership aimed at promoting growth and diversification in the economy. The influx of foreign direct investment is expected to stimulate job creation, boost infrastructure development, and spur overall economic growth in Egypt.
The successful implementation of this partnership reflects the confidence of international investors in Egypt’s economic potential and the government’s commitment to creating a conducive environment for business and investment.
As Egypt continues to attract foreign investment and embark on new development projects, the government remains focused on enhancing economic stability, promoting sustainable growth, and improving the overall well-being of its citizens.
The establishment of a high-level financial dialogue between Saudi Arabia and Egypt highlights the importance of international cooperation in addressing common challenges and achieving shared goals. By working together, both countries can leverage their respective strengths and resources to drive economic prosperity and create opportunities for mutual benefit.
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