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 Egyptโs Red Sea region, emphasising its potential to boost bilateral relations significantly.
In remarks to AlโQahera News, Foreign Minister Abdelatty characterised the initiative as a largeโscale development and realโestate tourism programme aimed at deepening EgyptโSaudi 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 crossโborder investment.
While withholding project specifics, Abdelatty said the initiative is aligned with Egyptโs 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 Madboulyโs 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 thirdโmarket imports with partnerโproduced goods. He also referenced a recent EgyptโSaudi investment agreement as a significant step toward scaling mutual investment flows, adding that Egyptโs 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 EgyptโSaudi 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 $35โฏbillion agreement with the UAEโs ADQ to develop Ras ElโHekma on the North Coast as a worldโclass Mediterranean city.
