Prime Minister Mostafa Madbouly said on Monday that Egypt and Saudi Arabia play a crucial role as key pillars of security and stability in the region, especially amid the current critical phase in the Middle East.
Madbouly made these remarks while delivering Egypt’s speech on behalf of President Abdel Fattah El-Sisi at the opening session of the 8th Future Investment Initiative (FII8) conference in Riyadh.
The conference, themed ‘Infinite Horizons: Investing Today, Shaping Tomorrow’, takes place from 29 to 31 October.
Madbouly noted that Egypt and Saudi Arabia see eye to eye about the seriousness of the current regional tensions and the urgent need for a ceasefire to avert a wider regional war.
The Egyptian prime minister also emphasized that there is a clear connection between the economy, investment, and growth, on one side, and peace, stability, and security, on the other.
This connection, he added, places the Middle East, riven by conflict and escalating crises, in front of extremely complex challeng
es.
Madbouly highlighted the pressing challenges besting the region due to the ongoing Israeli aggression in Gaza and the West Bank, in addition to the escalation in Lebanon.
he Egyptian premier reiterated that the security of Gulf nations is integral to Egypt’s security.
Prime Minister Madbouly stated that achieving security and stability, as well as creating an environment conducive to economic development and prosperity-both in the Middle East and globally-depends on establishing a comprehensive and just peace in the region.
This includes the establishment of an independent Palestinian state with East Jerusalem as its capital, in accordance with international legitimacy resolutions, he noted.
Strategic Partnership
Madbouly praised the strategic partnership between Egypt and Saudi Arabia across all levels, highlighting Cairo’s readiness to support the Kingdom’s development process through Egyptian expertise and human resources.
Furthermore, Madbouly expressed Egypt’s appreciation for the signing of t
he Agreement for the Promotion and Protection of Mutual Investments and the establishment of the Egyptian-Saudi Supreme Coordination Council.
Such steps underscore the commitment of both nations to strengthen investment cooperation, he pointed out.
Egypt development strategy Madbouly spotlighted Egypt’s four-pronged strategy to achieve comprehensive development, including empowering the private sector, diversifying energy sources, becoming a regional energy export hub, and advancing transportation, urban development, and ICT, particularly AI.
He praised the growing energy partnership with Saudi Arabia, highlighting the 3,000-megawatt electricity interconnection project and the shared goal of becoming regional logistics and supply chain hubs.
Madbouly also highlighted the country’s recently constructed 20 new smart cities, including the administrative capital and New Alamein leading the way.
He emphasized the strong Egyptian-Saudi cooperation in transportation and port connectivity, noting a shared desire
for both countries to become regional centres for logistics and supply chains.
The FII8 conference takes place under the patronage of King Salman bin Abdulaziz Al-Saud of Saudi Arabia.
It brings together global leaders, entrepreneurs, political figures, media representatives, and decision-makers in fields such as finance, AI, sustainability, energy, geoeconomics, and space.
The conference aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
Source: State Information Service Egypt
