RIYADH, Sept 16 (MENA) - An Egyptian-Saudi agreement on protecting and stimulating investments, which is set to be finalized soon, is a significant step that will contribute to business stability and certainty, Egyptian Prime Minister Mostafa Madbouli said.

The agreement, made in fulfillment of Saudi investors’ frequent requests, is expected to come into effect within the next two months, Madbouli added during an expanded meeting with Saudi investors and representatives of the Saudi private sector, which was organized by the Federation of Saudi Chambers on Monday.

Extending his thanks and greetings to Saudi King Salman bin Abdel Aziz and Crown Prince Mohammed bin Salman for their warm welcome and hospitality, Madbouli commended the robust relations binding Egypt and Saudi Arabia, whether at the political leadership, government, or grassroots levels. He noted that the countries are bound by a common destiny.

“We are not working for achieving individual benefits from one party’s investments in the other party’s country; rather we are looking for a reciprocal mutually beneficial relationship,” the premier said.

He noted there are more than 5,700 Egyptian companies operating in many sectors and industries in Saudi Arabia, which reflects a jointly beneficial relationship.

Madbouli said Egypt is looking forward to increasing the number of these companies, as well as the business activities of Saudi investors in Egypt over the period ahead, noting that the Egyptian government's main concern now is creating an investment-friendly environment by providing logistical support, streamlining investment procedures, and removing red-tape through several legislative reforms.

Madbouli highlighted the government’s incentives to encourage investment in many domains, especially in the industrial, agricultural, tourism, real estate development, as well as new and renewable energy sectors.

Madbouli also shed light on a new tax facilitation package recently announced by the Ministry of Finance, which is expected to help in resolving many tax disputes once and for all. (MENA)

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