Minister of Petroleum and Mineral Resources Tarek El Molla has signed a memorandum of understanding (MoU) with the Saudi’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef to cooperate in the mining sector.

This came on the sidelines of the third International Mining Conference hosted in Saudi Arabia.

After signature, El Molla elaborated that this agreement aims at technical cooperation in the field of exploration, geological information exchange, training, and developing skills in the field of petroleum and mining between the two countries.

The Egyptian minister added that Egypt has success stories on the mining investment climate through reform procedures at both the legislative and financial levels. He stressed the ministry’s interest in achieving the highest value from the expansion in the mining sector, within the framework of completing the steps of the program to develop and modernize the mining sector on all axes, working on attracting new investments, and supporting digital transformation in the sector’s activities.

For his part, Alkhorayef affirmed the desire of the two countries to boost and develop cooperation in mining which can support scientific, technical, and advisory capabilities that contribute to the development of mineral resources and their optimal exploitation in the two countries.

He indicated that this MoU will allow the private sector in the two countries to invest in the mining sector and identify the mining opportunities available in both countries, pointing out that it was agreed to form a joint teamwork to determine and implement the necessary procedures to activate the MoU.