Arab Finance: Egypt has granted the golden license to all new Saudi projects, Prime Minister Mostafa Madbouly announced during a meeting with prominent Saudi businessmen in Cairo.

The move is part of the government’s strategy to ease investment procedures and boost Saudi inflows into the country.

Saudi private sector investments in Egypt currently stand at $35 billion, with a target of $50 billion within five years.

Around 7,000 Saudi companies operate in Egypt, where approximately 700,000 Saudis reside. In parallel, 5,000 Egyptian companies are active in Saudi Arabia.

Madbouly noted that the government has taken exceptional steps to address longstanding investor issues and is working with relevant bodies to resolve remaining challenges.

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