Final stages reached in Egypt-Saudi investment protection agreement: Samir
Updated 5/13/2024 1:02:00 PM
Arab Finance: Egypt and Saudi Arabia have reached the final stage concerning the signed agreement to safeguard mutual investments between the two countries, Egyptian Minister of Trade and Industry Ahmed Samir told Asharq Business.
Additionally, the proposal on trade exchanges in local currencies with the kingdom is being reviewed by the Central Bank of Egypt (CBE).
The mutual investments protection agreement aims 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.
In November 2023, Head of the Egyptian Commercial Service at the Ministry of Trade Yahya Al-Wathiq Billah announced that Egypt and Saudi Arabia mull over the possibility of using their local currencies as part of trade exchange in the near future.
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