Egypt, KSA pinpoint sectors earmarked for investment: Prime Minister Moustafa Madbouly met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef yesterday, where they agreed to include the sectors of petrochemical, pharma, and automotive in the broader agreements signed between the two countries back in October, according to statements from both nations.

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Remember: President Abdel Fattah El Sisi had met with Saudi Crown Prince and Prime Minister Mohammed bin Salman in Cairo back in October, where they oversaw the signing of two agreements focused on streamlining mutual investments and providing investment guarantees. The inking of the Agreement on Promotion and Mutual Protection of Investments between Egypt and Saudi is expected to bring in upwards of USD 10 bn in bilateral investments over the next three years.

A whole lotta projects mulled: The two discussed potential projects including the production of polyesters, pharma raw materials and automotive manufacturing as well as electrical appliances and household tools, Saudi Deputy Industry Minister Khalil Ibn Salamah said during the meeting.

Putting pen to paper soon? Ibn Salamah expects the two sides to ink fresh investment agreements over the coming months.

BACKGROUND- Mohamed bin Salman said back in September that he had directed the PIF to invest USD 5 bn in Egypt as part of the “first phase” of a larger program.

Who attended the meeting? Alkhorayef was joined by the CEOs of the Saudi Export Development Authority and the Saudi EXIM Bank. Transport and Industry Minister Kamel El Wazir was also in attendance alongside other policymakers.

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