Saudi Arabia And Egypt Have Signed 14 Agreements Worth $7.7 Billion
Egypt–Saudi Arabia and Egypt have signed 14 investment deals valued at $7.7 billion as the Kingdom’s de facto ruler visits the North African country.
The Kingdom’s Minister of Commerce Majed bin Abdullah al-Gasabi confirmed the news. He announced the news at the meeting of the Egyptian-Saudi Business Council. The 14 agreements cover a wide range of sectors, including renewable energy, green hydrogen, pharmaceuticals, information technology, e-commerce, healthcare, infrastructure and cybersecurity.
Saudi Arabia’s crown prince lands in Egypt at the start of a regional tour
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Egypt on Monday. He started his first tour outside the Gulf region in over three years. He will also visit Turkey and Jordan soon. Prince Mohammed is expected to hold talks with the leaders of Egypt, Jordan and Turkey on improving bilateral cooperation.
Saudi investments in Egypt are more than $32 billion. Bandr Al Amri, head of the Saudi Business Council, said that Saudi Arabian investment in Egypt’s private sector exceeded $35 billion in 2022. He further said that the investment is expected to increase by about $10 billion in the next five years.
According to the Federation of Saudi Chambers, there are currently more than 150 bilateral agreements between the two countries. Saudi Arabia has provided billions of dollars in financial support to Egypt since Abdel Fattah Saeed Hussein Khalil el-Sisi came to power.
In March 2022, Saudi Arabia deposited $5 billion in Egypt’s central bank to help the country amid the Russia-Ukraine war. Egypt has come under intense pressure because of the war. Both countries also signed an agreement to encourage investments in Egypt by Saudi Arabia’s sovereign wealth fund.
Last year, the commercial trade between Egypt and Saudi Arabia reached $14 billion. Egypt also registered around $2 billion in merchandise exports to Saudi Arabia in 2021. The Kingdom ranked the second-largest market importing Egyptian goods in 2021.