Egypt FM announces new major Saudi investment to develop Red Sea region
Minister of Foreign Affairs Badr Abdelatty announced Thursday that a major Saudi investment project is in the works for Egypt’s Red Sea region, emphasising its potential to boost bilateral relations significantly.
In remarks to Al‑Qahera News, Foreign Minister Abdelatty characterised the initiative as a large‑scale development and real‑estate tourism programme aimed at deepening Egypt–Saudi economic cooperation. He reported that more than 90% of the obstacles previously facing Saudi investors in Egypt have been addressed, creating clearer conditions for expanded cross‑border investment.
While withholding project specifics, Abdelatty said the initiative is aligned with Egypt’s broader strategy to attract investment and position the country as a leading destination for sustainable tourism. His comments, delivered during a visit to Riyadh, followed Prime Minister Mostafa Madbouly’s meeting in Cairo with Saudi Minister of State Issam Bin Saad Bin Saeed on advancing bilateral economic ties.
Abdelatty emphasised opportunities for industrial integration, joint manufacturing, and trade complementarity, noting that each country can substitute certain third‑market imports with partner‑produced goods. He also referenced a recent Egypt–Saudi investment agreement as a significant step toward scaling mutual investment flows, adding that Egypt’s overall investment climate has improved materially.
He highlighted priority opportunities for Saudi investors in:
- new and renewable energy,
- water desalination,
- petrochemicals,
- mining,
- pharmaceuticals, and
- automotive manufacturing.
Abdelatty underscored that durable Egypt–Saudi relations should be grounded in mutual benefit.
Recent deal activity provides context: on 7 September, Egypt signed partnership contracts with Emaar Misr (UAE) and Saudi City Stars to launch the Marassi Red Sea flagship in the Red Sea governorate. Additionally, in February 2024, Egypt concluded a $35 billion agreement with the UAE’s ADQ to develop Ras El‑Hekma on the North Coast as a world‑class Mediterranean city.
