Egypt, Saudi Arabia to sign mutual investments protection agreement soon

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Egypt and Saudi Arabia are close to signing an agreement to protect mutual investments soon, Trade and Industry Minister Ahmed Samir told Asharq Business.

The agreement is set to ensure fair and just investments for both sides, reduce requirements for the establishment, expansion, and maintenance of investments, and also guarantee investments in cases of war and emergencies.

It also protects the investments from any measures that affect their ownership and prevent nationalization.

Head of the Egyptian Commercial Service at the Ministry of Trade and Industry Yahya Al-Wathiq Billah announced earlier that Egypt and Saudi Arabia mull over the possibility of using their local currencies as part of trade exchange in the near future.

It is worth mentioning that the Saudi investments in Egypt amount to $6.3 billion in 7,444 projects in the industrial, construction, tourism, services, agriculture, finance, communications, and information technology sectors.