Egypt’s Minister of Planning, Dr. Rania Al-Mashat, met with Mr. Faisal bin Fadhil Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning, during her participation in the AlUla Conference for Emerging Market Economies, under the theme “Enhancing Resilience in a Changing World.”
The meeting focused on enhancing mutual cooperation between Egypt and Saudi Arabia across various sectors, building on the longstanding historical relationship between the two nations. The discussion also touched upon the joint efforts of both countries to achieve the Sustainable Development Goals (SDGs) at the national level.
Dr. Al-Mashat commended the strong ties between Egypt and Saudi Arabia, emphasizing the significance of the AlUla Conference and its relevance to the challenges emerging economies face due to global crises and regional tensions. She highlighted Egypt’s efforts through the Ministry of Planning and Economic Development in executing the National Economic and Structural Reform Program, in coordination with relevant ministries and international development partners. This collaboration aims to attract financing for budget support to assist with implementing structural reforms, while also emphasizing the continuous nature of the reform process to adapt to both local and international economic changes.
Furthermore, Dr. Al-Mashat discussed the importance of fostering South-South cooperation and triangular cooperation as key strategies for leveraging the potential of developing countries to create innovative solutions for sustainable development. She referenced Egypt’s efforts in launching a South-South and Triangular Cooperation Strategy, which was unveiled during the First New Development Bank Forum in Egypt. This strategy aims to expand the replication of successful development experiences among emerging and developing nations while promoting knowledge exchange and technology transfer.
The two ministers also reviewed potential initiatives and projects that could foster sustainable economic development in both countries, with an emphasis on innovation, technology, and successful experiences from both Egypt and Saudi Arabia. They also analyzed the challenges and opportunities facing developing economies, identifying areas for collaboration in large-scale projects to support economic growth.
Dr. Al-Mashat underscored the importance of continued close cooperation with development partners to support international efforts for the recovery of economies affected by conflict, particularly in the Middle East region. She emphasized that while achieving macroeconomic stability is essential, it is not sufficient on its own to ensure sustainable growth.
