Egypt and Saudi Arabia have signed 14 agreements valued at US$7.7 billion during a visit to Cairo by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, and Deputy Prime Minister.
The agreements were signed at the Public Authority for Investment’s headquarters in Cairo, in the presence of a number of Saudi and Egyptian officials and investors.
The agreements include investment in several fields, such as infrastructure, renewable energy projects, green hydrogen, medicine and e-commerce. They also cover the sectors of infrastructure, logistics, port management, food industries, pharmaceutical industry, conventional energy, renewable energy, electronic payment system, and financial and information technology solutions.
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An agreement for the executive programme for cooperation in the media field was also signed between the two countries, in order to enhance bilateral cooperation in the fields of press, radio, television, drama production and digital media.
Abdel Fattah el-Sisi, President of Egypt, received Prince Mohammed bin Salman. They discussed overall bilateral relations and ways to strengthen them across various fields, as well as regional and international political issues of common interest, within the framework of the deep and historical strategic partnership between the two countries, which aims to achieve security, stability, development and peace.
According to a report, Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday.
Saudi Arabia has provided billions of dollars in financial support since Egypt’s President Abdel Fattah al-Sisi came to power, and the new round of investments comes as Cairo struggles with the economic knock-on effects of the Ukraine war.
Even before the Ukraine war hiked commodity prices, hit tourism revenues and prompted investors to exit emerging markets, there were concerns over Egypt’s current account and budget deficit, bankers say.
Deals signed on Tuesday included a $1.5 billion agreement between Saudi Arabia’s Acwapower (2082.SE) and the Egyptian Electricity Holding Company to build a wind power plant, an Egyptian cabinet statement said
More renewable energy agreements were signed, as well as deals in involving petroleum products, food and fintech.
Other deals involved the development of the multi-purpose terminal at Egypt’s Damietta port, the authority’s statement said, and the establishment of a $150 million “pharmaceutical city” by Egypt’s Pharco Pharmaceuticals in Saudi Arabia, the company’s chairman told Alsharq TV.
In March, Saudi Arabia deposited $5 billion in the Egypt’s central bank and the Egyptian government has said that cooperation with the Saudi sovereign wealth fund will result in $10 billion in investments.
The Saudi-based ITFC has provided Egypt with $3 billion in new financing for commodity imports, its CEO told Reuters last week.
The prince arrived in Egypt on Monday night, marking the beginning of his first tour outside the Gulf region in over three years and will also visit Jordan and Turkey.
Sources have said MbS and Egyptian President Abdel Fattah al-Sisi would discuss issues including the impact of the Ukraine war and alignment of the Saudi and Egyptian positions ahead of U.S. President Joe Biden’s trip to the region in mid-July.
