Egypt Commits to Supporting Saudi Arabia’s FIFA World Cup Preparations

Egypt’s Prime Minister Mostafa Madbouly has expressed the country’s willingness to aid Saudi Arabia in its preparations for the 2034 FIFA World Cup. During a meeting with Saudi Minister Bandar Alkhorayef, both parties discussed enhancing cooperation in industrial and mining sectors, alongside developing mutual investments. The establishment of the Egyptian-Saudi Higher Coordination Council aims to strengthen ties and encourage significant investments, focusing on sectors like petrochemicals and pharmaceuticals.

Egypt’s Prime Minister, Mostafa Madbouly, affirmed the nation’s readiness to assist Saudi Arabia with its preparation for the 2034 FIFA World Cup during a meeting on Monday with Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef. The meeting aimed to strengthen bilateral cooperation in the industrial and mining sectors and was attended by various senior officials from both nations. Prime Minister Madbouly stressed the commitment of Egyptian companies to participate in the projects necessary for the Kingdom’s readiness for the esteemed event, signaling Egypt’s enthusiasm for collaboration.

Additionally, Prime Minister Madbouly voiced optimism about the Egyptian-Saudi Higher Coordination Council, established in October 2024, indicating it would catalyze increased Saudi investments in Egypt. He outlined that such investments pave the way for numerous joint projects in the industrial and mining sectors, enriching the partnership between the two countries. Madbouly emphasized Egypt’s abundant investment opportunities, particularly noting the benefits Saudi companies could harness from Egypt’s network of free trade agreements.

The Prime Minister also highlighted existing collaboration in the petroleum and mining sectors, expressing a desire to enhance cooperation in mineral exploration, particularly in gold mining ventures where Saudi entities are already operational. Madbouly extended an invitation to Saudi investors to explore prospects within Egypt’s oil, gas, and petrochemical industries, underlining Saudi Arabia’s considerable expertise in these domains.

Furthermore, he reassured that the Egyptian government is fully committed to resolving any issues faced by Saudi investors, promising continuous support to foster a conducive investment climate. Madbouly mentioned ongoing implementations of 11 new projects directed at advancing Egypt’s petrochemical industry, urging Saudi companies to engage in these initiatives.

Minister Alkhorayef reaffirmed Saudi Arabia’s dedication to bolstering ties with Egypt, praising the establishment of the Egyptian-Saudi Higher Coordination Council and the mutual investment protection agreement, which is anticipated to encourage further investments and trade flows. He acknowledged the interest of Saudi businesses in Egypt, commending the Egyptian authorities for addressing a majority of concerns raised by Saudi investors and identifying essential sectors for future collaboration, including petrochemicals and pharmaceuticals. He expressed appreciation for Egypt’s acknowledgment of Saudi Arabia securing the rights to host the 2034 FIFA World Cup.

The meeting between Egypt’s Prime Minister Mostafa Madbouly and Saudi officials was part of an ongoing effort to enhance collaboration between the two nations, particularly in the fields of industry and mining. This dialogue is set against the backdrop of Saudi Arabia’s announcement to host the FIFA World Cup in 2034, prompting a need for substantial infrastructural development, which Egypt is keen to support. The establishment of the Egyptian-Saudi Higher Coordination Council further underscores the significance of increasing bilateral investments and trade relations.

In conclusion, the meeting between Egyptian and Saudi officials marked a significant stride toward strengthening industrial cooperation and investment between the two nations. Prime Minister Madbouly’s commitment to supporting Saudi Arabia’s World Cup preparations illustrates Egypt’s readiness to engage fully in collaborative projects. The ongoing dialogue and mutual agreements highlight a shared ambition for enhanced economic integration and future joint ventures across various sectors.

Original Source: www.dailynewsegypt.com