By Edna-UCLIQ
On Tuesday, Egyptian President Abdel Fattah El-Sisi received Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, in Cairo to boost the fraternal ties and discuss developments on regional fronts.
Crown Prince Mohammed bin Salman told them, “Our countries enjoy deep-rooted historical relations, which have been translated today into a firm will for mutual growth.”
In his turn, President El-Sisi said, “This meeting is a testimony to our continued partnership.
During the summit, both leaders witnessed the signing of significant agreements. They established the Saudi-Egyptian Supreme Coordination Council.
That council would serve to increase cooperation between the two countries. The other agreement is on the promotion and protection of mutual interests in investment.
Large discussion session was joined by the delegations of the two countries. This included the enhancement of joint investments, along with increasing trade exchange. “We have huge potential to cooperate,” El-Sisi said. “Together, we create the chance for two countries to benefit.”
The Crown Prince is paying this visit in light of directives by King Salman to make more investments within key sectors. In the span of a decade, Saudi Arabia has invested approximately $6.1 billion in the Egyptian economy.
In addition, statistics that have emerged recently depict growth that is nothing short of phenomenal. In the previous fiscal year, Saudi Arabia’s investment surged to $2.4 billion, up 390 percent from the prior fiscal year.
This accounts for 10 percent of all investments in Egypt during this period. The Saudi investments rose to $511.3 million in the first nine months of fiscal year 2023/2024.
At cumulative, the Saudi investments in Egypt currently amount to about $34 billion through 6,830 companies.
Saudi Arabia, the largest Arab economy, and Egypt, the third largest, remain close financially. Current data reveals Saudi financial deposits at the Central Bank of Egypt stand at $10.3 billion.
