Today, the Egyptian government, signed a memorandum of understanding (MoU) with a Saudi-Egyptian alliance. The companies, Alubco Olayan Industrial, Okta International, and the Egyptian City Edge, represent the Saudi-Egyptian alliance.
The MoU was signed by the Director General of the Arab Organization for Industrialization, Abdul Rahman Abdul Azim and on behalf of the Saudi-Egyptian alliance by the Chairman of the Board of Directors of the Saudi Aluminum Products Industries Company “Alubco Olayan Industrial”, Abdul Latif Al-Mubarak. Notably, Ambassador of the Custodian of the Two Holy Mosques to Egypt, Osama bin Ahmed Naqli, the head of the Arab Organization for Industrialization in Egypt, Mukhtar Abdel Latif attended the signing.
Ambassador Naqli, in his speech after the signing MoU, affirmed that KSA encourages everything that supports positive cooperation between the two countries. In addition, he pointed out that the cooperation between both countries will benefit from the MoU.
MoU and New Investments
Engineer Mukhtar Abdul Latif stated that the MoU will play a vital role in the logistical supply of real estate development projects in the Kingdom. In addition, It will provide job opportunities and attract major investments.
Egypt – Saudi Relationship
Egypt and Saudi Arabia have a long-standing economic relationship that dates back many years. The trade between Egypt and Saudi Arabia covers a wide range of goods and services, including oil, petrochemicals, textiles, and food products. In addition to trade, Saudi Arabia has also been a significant investor in Egypt’s economy. Saudi Arabian companies have also invested in various sectors in Egypt, including construction, real estate, and telecommunications. Furthermore, the two countries have collaborated on various infrastructure projects.
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