Cairo: EgyPulse – News Desk
A massive, large-scale Saudi investment project in the Red Sea region is in its final preparation stages and is expected to have highly positive outcomes for bilateral relations and joint coordination. According to Minister of Foreign Affairs Badr Abdel Atty, the project will be a significant step in the long-standing historical relationship between the two countries, aiming to develop it further based on the principle of mutual benefit to ensure the sustainability of these relations and shared interests.
Abdel Atty described the venture as a “development, real estate, and tourism project of immense scale” on the Red Sea coast. It is anticipated to have extremely positive repercussions for investment cooperation between the two brotherly nations, particularly since over 90 percent of the previous issues facing Saudi investors in Egypt have been resolved.
In light of the Egyptian government’s new direction, a more favorable environment for investment has been established. The Minister emphasized that the climate for investment is “certainly much better.” He added that Egypt looks forward to attracting more investments in various promising sectors, including:
•New and Renewable Energy: Capitalizing on the region’s vast solar and wind resources.
•Water Desalination: A crucial sector for sustainable development in coastal areas.
•Petrochemicals and Mining: Leveraging the region’s natural resources.
•Pharmaceuticals and Automotive Industries: Focusing on joint manufacturing to meet regional market demands.
Abdel Atty expressed great optimism about a large influx of Saudi investments into these sectors. He also anticipated a greater level of integration in joint manufacturing processes, which would serve the mutual interests of both countries and further strengthen their historical ties. The project’s foundation is built on the principle of “win-win” cooperation, ensuring long-term sustainability and shared prosperity for both Egypt and Saudi Arabia.
