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Egypt, Saudi Arabia pen MoU to boost mineral resources cooperation

Story Highlights
  • The MoU would enable the private sector in the two countries to invest in the mining sector

Arab Finance: Egypt and Saudi Arabia signed a memorandum of understanding (MoU) to enhance bilateral cooperation in the field of mineral resources, according to a statement by Ministry of Petroleum and Mineral Resources.

This came on the sidelines of the International Mining Conference in Riyadh.

The MoU was signed by the Egyptian Minister of Petroleum Tarek El-Molla and Bandar bin Ibrahim AlKhorayef, the Saudi Minister of Industry and Mineral Resources.

The MoU is set to boost technical cooperation in the field of research, exchange of geological information, training, and skills development between the two countries in the fields of petroleum and mining.

For his part, AlKhorayef added that the MoU would enable the private sector in the two countries to invest in the mining sector.

The two ministers agreed upon forming a joint working team to determine and implement the necessary procedures to activate this MoU.

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