{"id":668999,"date":"2025-07-27T00:00:00","date_gmt":"2025-07-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/27\/madbouly-reaffirms-strength-of-egypt-saudi-ties-amid-rumors-of-tension\/"},"modified":"2025-07-27T00:00:00","modified_gmt":"2025-07-27T00:00:00","slug":"madbouly-reaffirms-strength-of-egypt-saudi-ties-amid-rumors-of-tension","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/27\/madbouly-reaffirms-strength-of-egypt-saudi-ties-amid-rumors-of-tension\/","title":{"rendered":"Madbouly reaffirms strength of Egypt-Saudi ties amid rumors of tension"},"content":{"rendered":"

Good morning, friends. We hope the long weekend treated you well. <\/strong>It\u2019s a quiet morning for news, as is so often the case after a holiday, but we nevertheless have for you word that real estate on the North Coast and along the Cairo-Alexandria Desert Highway may get a little bit more expensive if the government goes ahead with new levies. Industry players are pushing back on anything that would send prices further upward. <\/p>\n

ALSO this morning: <\/strong>Egyptians living abroad sent more money back to Egypt in May of this year than in any May before. Together with booming tourism and reasonable FDI inflows, remittances (and a slow-but-steady export drive) are covering for the drying up of Suez Canal receipts.<\/p>\n

MEANWHILE-<\/strong> National Printing<\/strong> has priced its IPO and cabinet spent the weekend on Rumour Patrol: The prime minister denied there are tensions with Saudi Arabia<\/strong> and the Foreign Ministry took to task folks who suggested we were blockading aid to Gaza<\/strong> as famine continues to ravage the enclave. <\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>Brace for one of the hottest days we\u2019ve seen all summer in Cairo, with a high of 41\u00b0C (that will feel a little hotter) and a low of 28\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s not as hot in Alexandria<\/strong>, with a high of 34\u00b0C and a low of 24\u00b0C.<\/p>\n

MORNING MUST-READS-<\/p>\n

While we disconnected (many of us on the beach) for the weekend<\/strong>, it was an AI-heavy weekend in the rest of the world. <\/p>\n

#1- Donald Trump thinks stealing is just fine<\/strong>, saying as he announced a new, maximalist AI policy framework, \u201cYou can't be expected to have a successful AI program when every single article, book, or anything else that you've read or studied, you're supposed to pay for. We appreciate that, but just can't do it \u2014 because it's not doable.\u201d Wired<\/a> has more.<\/p>\n

#2- The head of Anthropic holds the Middle East in contempt, but he\u2019d sure like some of <\/strong>our money. <\/strong>\u201cUnfortunately, I think \u2018No bad person should ever benefit from our success\u2019 is a pretty difficult principle to run a business on,\u201d CEO Dario Amodei said in a note to staff obtained by Wired<\/a>. The maker of Claude will open to investment from our part of the world as it looks to double its valuation to USD 150 bn, the Financial Times<\/a> notes. <\/p>\n

#3- The Atlantic is the latest competitor in the \u201cAI may be bad for you\u201d sweepstakes. <\/strong>Its entry reads like something from Tipper Gore\u2019s 1985 campaign against heavy metal, punk, and rap: ChatGPT gave instructions for murder, self-mutilation, and devil worship<\/a>. \u201cOpenAI\u2019s chatbot also said \u2018Hail Satan,\u2019\u201d it adds, in case you didn\u2019t get the point.<\/p>\n

#4- Reuters Breakingviews warns that the 1995 IPO of Netscape is \u201ccasting a shadow\u201d <\/strong>over the AI boom.<\/strong> The parallels are there. If you want to know how OpenAI could create a market and then lose it, this is your morning must-read<\/a>.<\/p>\n

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CLASS ACT- Mohamed El Erian <\/strong>congratulated<\/a><\/strong> Lord Chris Smith on his election as <\/strong>chancellor of the University of Cambridge. <\/strong>El Erian, perhaps the best-known Egyptian in global finance, had sought the role in a hotly contested election.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

#1- Cypriot gas<\/strong> from the Cronos field could start flowing to Egypt for <\/strong>liquefaction<\/strong> and <\/strong>re-export starting in 2027<\/strong>; the remark came during a meeting<\/a> between Oil Minister Karim Badawi and his Cypriot counterpart Giorgos Papanastasiou in Nicosia. During the meeting, the two sides reaffirmed their commitment to wrapping up technical agreements and reaching a final investment decision this year regarding the development of the Cronos gas field. They also touched on developments at the Aphrodite field and ongoing offshore surveys to prepare for its connection to local facilities.<\/p>\n

REMEMBER- <\/strong>The two sides inked agreements<\/a> earlier this year that will see Cyprus ship natural gas from its offshore fields to be liquefied in facilities in Idku and Damietta before being re-exported to foreign markets.<\/p>\n

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<\/a> #2- Gov\u2019t doubles dow<\/strong>n on efforts to deepen investment ties with Japan:<\/strong> Investment Minister Hassan El Khatib inaugurated a business seminar organized by Japan External Trade Organization (Jetro), where he promoted Egypt as a strategic partner, highlighting potential investments in sectors including renewables, software, logistics, and manufacturing, according to a ministry statement<\/a>. The event brought together representatives from over 200 Japanese companies and government officials. Egypt announced the formation of a support unit to facilitate Japanese investments and company setups.<\/p>\n

El Khatib met with representatives from four Japanese companies to discuss ongoing and <\/strong>planned projects<\/strong>, according to a separate statement<\/a>. During the meeting, pharma player Otsuka announced its plans to set up a USD 40 mn supplements factory<\/strong> that will create over 1.4k jobs, and Earth Corporation said it is exploring forming industrial partnerships or launching a manufacturing project.<\/p>\n

NO TENSION WITH SAUDI, MADBOULY SAYS-<\/p>\n

<\/a> Madbouly reaffirms strength of Egypt-Saudi ties amid social media speculation: <\/strong>Prime Minister Moustafa Madbouly reiterated<\/a> the depth of Egypt\u2019s relationship with Saudi Arabia amid recent social media chatter, emphasizing that the ties are strategic, longstanding, and rooted in shared regional interests.<\/p>\n

What chatter? <\/strong>There have been unconfirmed reports of tension between the two sides over regional issues \u2014 namely the situation in Syria \u2014 and economic competition. <\/p>\n

We want to keep things friendly: <\/strong>Gulf investors, including those from Saudi Arabia, have been and are projected to remain<\/a> one of the main drivers of FDI into Egypt. The Kingdom plans to convert some of its USD 10.3 bn<\/a> in deposits into long-term investments.<\/p>\n

FAST FACT- Saudi last week committed more than USD 6 bn in investments to Syria. <\/strong>The commitment came in a series of nearly 50 agreements in industries including real estate, infrastructure, financial, energy, telecommunications, technology, tourism, manufacturing, and trade. EnterpriseAM Saudi has more this morning if you need to go deeper. <\/p>\n

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DATA POINT- <\/p>\n

<\/a> Egypt added<\/strong> 5.5k hotel rooms to its capacity in 1H 2025<\/strong>, marking an 88% y-o-y increase, Asharq Business<\/a> reports. That\u2019s about 28% of the country\u2019s 19k-new-room target for the year. Most of the new capacity was concentrated along the Red Sea coast, including in Sahl Hasheesh and Marsa Alam.<\/p>\n

The long-term plan: <\/strong>The government aims to attract some 25 mn tourists annually<\/a> by 2030. It will need to add some 240-250k rooms to handle the influx.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> L<\/strong>ast call to<\/strong> apply for Robbiki Leather City factories:<\/strong> Today is the last day to apply for 36 fully-equipped factories<\/a> offered by the Industry Ministry in the third phase of Robbiki Leather City. The units are available for ownership or rent and come with a range of financial incentives. Buyers are offered installment plans of up to six years at a 10% interest rate, with a 25% down payment. Renters are granted a three-month grace period before their first payment. The offered unit sizes range from 121 to 2k sqm and are available through the Made in Egypt<\/a> platform.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

Is a EU-US trade deal upon us? <\/strong>US President Donald Trump and European Commission President Ursula von der Leyen will meet later today to discuss \u201ctransatlantic trade relations, and how [they] can keep them strong,\u201d von der Leyen wrote in a X post<\/a>. Meanwhile, Trump appeared less optimistic about the outcome of the meeting, saying that the two sides have \u201ca good 50\/50 chance. That\u2019s a lot.\u201d The talks come shortly after Trump started pushing for a 15-20% baseline tariff on EU imports. (Reuters<\/a> | CNBC<\/a> | FT<\/a>)<\/p>\n

CLOSER TO HOME- <\/strong>Israel said that it had resumed airdropping aid into Gaza. The first Israeli air drops since 2023 included pallets of flour, sugar, and canned food and came following international pressure to alleviate the crisis in Gaza. (Reuters<\/a> | FT<\/a> | AP<\/a> | BBC<\/a>) <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We hope the long weekend treated you well. It\u2019s a quiet morning for news, as is so often the case after a holiday, but we nevertheless have for you word that real estate on the North Coast and along the Cairo-Alexandria Desert Highway may get a little bit more expensive if the […]<\/p>\n","protected":false},"author":1,"featured_media":669000,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[6681,72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-668999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt-saudi-relations","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2dc267db-cc69-4210-9493-c7715be45d31","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/7\/1634.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madbouly reaffirms strength of Egypt-Saudi ties amid rumors of tension","related_issue":[668997],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.12e19f2e-21f4-469c-9536-8ada798dd327.mp3"},"yoast_head":"\nMadbouly reaffirms strength of Egypt-Saudi ties amid rumors of tension - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/27\/madbouly-reaffirms-strength-of-egypt-saudi-ties-amid-rumors-of-tension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly reaffirms strength of Egypt-Saudi ties amid rumors of tension\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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All four\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635400,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/04\/what-were-tracking-this-week-82\/","url_meta":{"origin":668999,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"4 December 2017","format":false,"excerpt":"Tomorrow is PMI day: The Emirates NBD \/ Markit purchasing managers\u2019 index for Egypt, the UAE and Saudi Arabia will be out on Tuesday morning at about 6:15am. Look for it here when it\u2019s released.","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598493,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/27\/what-were-tracking-on-27-may-2019\/","url_meta":{"origin":668999,"position":2},"title":"What we\u2019re tracking on 27 May 2019","author":"enterpriseam admin","date":"27 May 2019","format":false,"excerpt":"Good morning, friends, and welcome to the slowest news day in forever. It\u2019s the end-of-Ramadan slowdown here in Egypt, running headlong into Memorial Day weekend in the United States and the late-May bank holiday in the United Kingdom.We\u2019re not holding our collective breath, but don\u2019t discount the odds of a\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559214,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/egypt-in-the-news-on-13-january-2021\/","url_meta":{"origin":668999,"position":3},"title":"Egypt in the News on 13 January 2021","author":"enterpriseam admin","date":"13 January 2021","format":false,"excerpt":"It\u2019s a fairly quiet morning in the foreign press, Qatari flights aside (see today\u2019s What We\u2019re Tracking Today for more). Reuters reports that an Egyptian court has overturned the sentences of two female TikTok users that were found guilty last year of violating family values and principles and inciting prostitution.\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652235,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/04\/what-were-tracking-on-wednesday-4-january-2017\/","url_meta":{"origin":668999,"position":4},"title":"What we\u2019re tracking on Wednesday, 4 January 2017","author":"enterpriseam admin","date":"4 January 2017","format":false,"excerpt":"It\u2019s purchasing managers\u2019 index day \u2014 cue the gnashing of teeth. The Emirates NBD Egypt PMI by Markit is due out this morning by 6:15am CLT \u2014 or about 10 minutes after we typically tap \u201csend\u201d on Enterprise. It will be posted here when released. The last iteration found the\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621643,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/14\/what-were-tracking-on-13-november-2018-spotify-in-egypt-education-and-the-workforce\/","url_meta":{"origin":668999,"position":5},"title":"What we\u2019re tracking on 13 November 2018: Spotify in Egypt, education and the workforce","author":"enterpriseam admin","date":"14 November 2018","format":false,"excerpt":"In miscellany this morning: Spotify launched yesterday in Egypt and several other Arab markets. The world\u2019s largest streaming music service will be available at a cost of EGP 49.99 per month in Egypt as well as 13 other regional markets, including the UAE and Morocco. Egypt, Saudi Arabia, the UAE,\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/369.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/668999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=668999"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/668999\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/668997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/669000"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=668999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=668999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=668999"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=668999"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=668999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}