Egyptian Prime Minister Mostafa Madbouly emphasized the importance of Gulf security and Egypt's commitment to private sector growth during his address at the Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia. Speaking on behalf of President Abdel Fattah Al-Sisi, Madbouly asserted on Tuesday that the security of Gulf states is intrinsically linked to Egypt's national security. He further stated that achieving peace and stability in the region, essential for economic development, depends on the establishment of an independent Palestinian state with East Jerusalem as its capital. "Egypt places significant importance on the role of the private sector," Madbouly said. "The government has taken a number of steps to improve investment opportunities and remove obstacles facing investors, including unifying the exchange rate, granting golden licenses to investors, and implementing a new tax policy." Madbouly highlighted Egypt's ambition to become a regional energy hub and emphasized the crucial role of human capital development in driving the country's progress.
Madbouly also commended the success of the FII in attracting investment and showcasing Saudi Arabia's development efforts. "The conference has achieved significant success over the past years in attracting investments and highlighting Saudi Arabia's development efforts," Madbouly said. "I take this opportunity to commend the remarkable success achieved by this important conference over the years, particularly in attracting investments and highlighting the development efforts in the Kingdom of Saudi Arabia, in line with achieving the goals of Saudi Vision 2030, which I closely follow, given the shared destiny and path between Egypt and Saudi Arabia." Addressing the theme of this year's conference, "Limitless Horizons: Investing Today to Shape Tomorrow," Madbouly stated that it aligns with the Egyptian government's priority of building a brighter future for its citizens. However, he acknowledged the significant challenges facing the region, including escalating tensions in the Middle East, global instability, and the impact of the COVID-19 pandemic. "Despite these challenges, Egypt is determined to continue steadily on its path towards comprehensive development, achieving prosperity and growth for our country," Madbouly said. "Egypt continues to work relentlessly under the leadership of President Abdel Fattah El-Sisi, through a number of key areas." Madbouly highlighted Egypt's commitment to strengthening the private sector's role in driving economic development and achieving national priorities. "The Egyptian government has recently taken a number of ambitious steps and measures to improve the investment climate, empower the private sector, and overcome obstacles facing investors," he said. "Among the most prominent of these steps is setting a maximum limit on government investments to create more opportunities for the private sector, in addition to unifying the exchange rate, granting golden licenses to investors to facilitate project establishment, and continuing to implement the government's privatization program within the framework of the state ownership document." Madbouly concluded his remarks by expressing pride in the strategic partnership between Egypt and Saudi Arabia. He commended the progress achieved under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. "Egypt is ready to contribute to the Kingdom's development journey through Egyptian expertise and human capital," he said.
