Cairo, December 17, 2024 – Bandar Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia, concluded a series of high-level meetings with Egyptian ministers in Cairo on Monday. The discussions focused on strengthening bilateral cooperation between the two nations in the fields of industry, mining, and investment. Alkhorayef's visit is part of ongoing efforts to foster strategic industrial opportunities and align with Saudi Arabia's Vision 2030, which seeks to diversify the Kingdom's economy and attract international investments.
During his visit, Alkhorayef held constructive bilateral talks with a range of Egyptian officials, including Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Petroleum and Mineral Resources Karim Badawi, and the Governor of the Central Bank of Egypt (CBE) Hassan Abdallah.
In his meeting with Kamel El-Wazir, Egypt's Minister of Industry and Transport, Alkhorayef emphasized the critical need to enhance collaboration between Saudi Arabia and Egypt in activating industrial integration. He highlighted the central role that Saudi Vision 2030 plays in driving economic transformation, creating sustainable growth, and stimulating investment across various sectors. Alkhorayef also touched on the importance of new initiatives launched by Saudi Arabia, including strategies aimed at adding value to the industrial and mining sectors, promoting exports, and simplifying the journey for industrial investors.
With Minister Hassan El-Khatib, Alkhorayef focused on deepening the two countries' investment ties. They explored avenues to increase mutual cooperation, particularly by fostering private sector partnerships and tapping into promising investment opportunities in both Saudi Arabia and Egypt. This aligns with Saudi Arabia’s push to create an investment-friendly environment under Vision 2030, which seeks to enhance the Kingdom’s attractiveness to international and regional investors.
Alkhorayef's meeting with Minister Karim Badawi of the Egyptian Ministry of Petroleum and Mineral Resources focused on expanding bilateral collaboration in the mining and mineral industries. Alkhorayef reaffirmed Saudi Arabia’s commitment to working with Egypt to strengthen both countries' positions in the global mining sector, leveraging their respective economic strengths. He also extended a formal invitation to Minister Badawi to attend the Fourth Future Minerals Forum, scheduled to take place in Riyadh in January 2025. This event is expected to play a pivotal role in advancing discussions on mining investment and innovation.
The final meeting of the day was with CBE Governor Hassan Abdallah. Here, Alkhorayef and Abdallah discussed potential financing mechanisms and guarantees available through financial institutions in both countries. They explored ways to enhance trade and investment flows, ensuring that both nations' financial institutions can offer viable solutions to investors seeking to engage in cross-border projects.
The meetings were attended by key figures, including Khalil Ibn Salamah, Deputy Minister for Industry Affairs at Saudi Arabia's Ministry of Industry and Mineral Resources, Saad Alkhalb, CEO of Saudi EXIM Bank, Abdulrahman Althukair, CEO of the Saudi Exports Development Authority, and Saleh Al-Husseini, Saudi Ambassador to Egypt. Together, they engaged in discussions on the ways both countries can bolster their industrial capabilities and foster greater economic cooperation.
Alkhorayef’s meetings were a testament to Saudi Arabia’s ongoing commitment to enhancing economic partnerships with Egypt, focusing on industrial development, mining collaboration, investment facilitation, and trade enhancement. The outcomes of these discussions are expected to pave the way for significant bilateral projects and investments, reinforcing both nations' roles in shaping the future of the global industrial and mining sectors.
