Egypt, Saudi Arabia ink MoU to cooperate in the mining sector
The government of Egypt has sealed a memorandum of understanding (MoU) with the government of Saudi Arabia to cooperation in the mining sector.
The partnership was inked between Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla and Saudi’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef. The MoU emphasizes technical cooperation in various aspects of the mining sector. This includes collaboration in exploration activities, sharing geological information, and exchanging knowledge related to petroleum and mining.
Mining opportunities
The agreement also highlights a focus on training and skill development in the field of petroleum and mining. This suggests a commitment to enhancing the expertise of personnel involved in these industries through joint initiatives.
The MoU is expected to facilitate private sector investment in the mining sector of both countries which includes identifying mining opportunities and forming a joint teamwork to determine and implement necessary procedures to activate the MoU.
Minister El Molla pointed out Egypt’s success stories in mining investment, attributing them to reform procedures at legislative and financial levels. This signifies a commitment to creating a conducive investment climate and implementing necessary reforms to attract investments in the mining sector.
The Egyptian minister expresses a dedication to achieving the highest value from the expansion in the mining sector. This involves steps to develop and modernize the mining sector across various facets, including legislative reforms, financial initiatives, and digital transformation.
Minister Alkhorayef affirms the desire of both countries to boost and develop cooperation in mining. The focus is on supporting scientific, technical, and advisory capabilities that contribute to the development of mineral resources and their optimal exploitation in both Egypt and Saudi Arabia.
