Talal Abu-Ghazaleh Tenders (TAG-Tenders)

 

 

The Ministry of Investment and International Cooperation (MIIC) emphasized that agreements and MOUs signed with the Saudi side and witnessed by President Abdel Fattah el-Sisi and Saudi crown Prince Mohammed Bin Salman aimed to establish investment projects and push forward bilateral cooperation in the development field through major investment projects in both countries. 

 

MIIC reported that agreements signed included amendment to the agreement establishing the Saudi-Egyptian mutual fund worth USD 16 billion to inject Saudi investments in projects in several governorates in Egypt, provided that such projects would be selected from Egypt's investment map developed by MIIC in coordination with other ministries and governmental bodies.

 

In addition, MIIC emphasized that such agreement came within the framework of the Egyptian government's keenness on boosting economic development rates in Egypt through promoting foreign direct investments (FDI) and focusing on developing the least-developed governorates so as to achieve an economic leap, thereby improving standards of living through providing job opportunities and broadening the scope of economic activities. 

 

The fund, according to MIIC, would be activated following the completion of all required constitutional procedures as followed in all international agreements concluded to finance development projects in Egypt. A joint board of directors would be formed to develop strategic plans and follow-up on the implementation of projects in a manner that would increase the effectiveness of the fund's investment instruments. 

 

MIIC also pointed out that it signed an MOU on activating the fund with the Public Investment Fund of Saudi Arabia (PIF) as well as an executive program for joint cooperation to encourage investment between GAFI and its Saudi counterpart with a view to exchange job opportunities and boost mutual investments. Such signing also aimed to facilitate cooperation in the investment area, exchange laws, regulations and all developments related to the investment climate, hold joint forums and workshops on investment, exchange missions between both sides, and overcome difficulties that may hinder the implementation of investments.

 

As ascertained by MIIC, the aim was to achieve economic and investment integration on bilateral level in a manner that would achieve their mutual interests and achieve regional developmental integration.

 

It is worth noting that the agreement targeted South Sinai and El-Alamein to benefit from developing the area as one of the most attractive areas for investments and tourism, thereby promoting tourism and investment in such area rendering it a global hub that contributes to enhancing Egyptian economic growth.