This came during the visit of Saudi Crown Prince Mohammed bin Salman to Cairo, where he witnessed, along with Egyptian President Abdel Fattah El-Sisi, the signing of the formation of the Egyptian-Saudi Supreme Coordination Council “to follow up on various aspects of bilateral relations and ways to continually develop them.”
A statement by the Egyptian presidency stated that the discussions between the Saudi Crown Prince and the Egyptian President witnessed “a review of the ongoing efforts to develop the Egyptian-Saudi economic partnership, especially in the field of investment exchange, trade exchange between the two countries, and economic integration in the fields of energy, transportation, and tourism.”
And it works Egypt Saudi Arabia has been completing a mutual investment protection agreement for several months as part of Cairo’s efforts to attract Gulf investments to help get out of the difficult economic challenges it faces.
Egyptian Prime Minister Mostafa Madbouly announced in September that Saudi Arabia plans to invest five billion dollars in Egypt. During a cabinet meeting this week, he confirmed the continuation of work on the government proposals program.
He added, “During the coming period, important news will be announced regarding the offering of a number of airports and banks, as part of the offering program implemented by the government in cooperation with the International Finance Corporation.”
At the beginning of 2024, Egypt benefited from a rescue plan worth more than $50 billion in the form of loans and investments, especially from International Monetary Fund The World Bank and the United Arab Emirates.
During the Crown Prince’s last visit to Egypt in 2022, the two countries signed 14 investment agreements worth $7.7 billion, covering several sectors.