Engineer Sherif El-Sherbiny, Egypt’s Minister of Housing, Utilities, and Urban Communities, emphasized the importance of establishing key support measures for investors and real estate companies operating in the Saudi market. During a meeting with prominent Egyptian and Saudi developers in Riyadh, El-Sherbiny highlighted the need for a legal framework in coordination with the Ministry of Foreign Affairs to protect and guide investments. He noted that Egyptian contracting firms are already active in Saudi Arabia, leveraging their extensive experience in diverse construction projects.
The minister supported a proposal from the Egyptian Businessmen’s Association to create a committee that would enhance investments between Egypt and the Gulf Cooperation Council (GCC) countries. He emphasized that bilateral relations between Egypt and Saudi Arabia have been strong for decades, and the current objective is to further expand cooperative efforts and mutual investments.
To facilitate Saudi investments in Egypt, the Ministry of Housing has formed a dedicated task force under the guidance of Dr. Abdel Khalek Ibrahim, Assistant Minister for Technical Affairs. This team aims to create investment opportunities in Egypt’s new and smart cities, such as the New Administrative Capital and Alamein. El-Sherbiny assured that any obstacles faced by investors will be addressed promptly, fostering an environment conducive to growth and collaboration.