Relations with Saudi Arabia strategic

The third meeting of the Saudi-Egyptian Coordination Council wrapped up work here Tuesday, with the two sides reaching a consensus about their strategic relationship and its importance to the region, said Nasser Hamdy, the Egyptian Ambassador in Riyadh.

Today's meeting could very well serve as a point to build on, where bilateral ties are concerned, Hamdy told MENA.

Joint investments between the two countries reflect common interests that translate into profits for both Egypt and Saudi Arabia, the diplomat said.

He touched upon investment opportunities in Egypt, particularly real estate investments. Saudi mortgage companies can very well invest in Egypt and help achieve urban development, Hamdy said, adding that Saudi Arabia will also benefit from those investments.

He also talked about Egyptian investments in Saudi Arabia, which amount to some 1.3 billion dollars.

A number of Egyptian companies investing in the housing sector met with the housing ministers of Egypt and Saudi Arabia Monday night to discuss development ideas.

Hamdy said that the Saudi-Egyptian Coordination Council agreed to convene again in Cairo on January 24.

Source: MENA