22 June 2022; MEMO: Saudi Arabia and Egypt have signed 14 investment deals worth $7.7 billion, marking further economic cooperation between the two and enhancing the Kingdom's support for the North African country.
Announced by Saudi Commerce Minister, Majid bin Abdullah Al-Qasabi, at a meeting of the Egyptian-Saudi Business Council today, the deals cover a variety of industries including those of renewable energy, green hydrogen, pharmaceuticals and e-commerce.
In a statement broadcast by the Saudi television channel, Al Ekhbariya, the Head of the Saudi Business Council, Bandar Al-Amri, revealed that the Kingdom's investment into Egypt's private sector – presumably under the rule of President Abdel Fattah Al-Sisi since the Egyptian military's coup in 2013 – has so far exceeded $35 billion.
The deals valued at $7.7 billion further that investment, with Al-Amri also calling on Cairo to make similar moves. "We are witnessing a big economic boom in Saudi Arabia and we are inviting the Egyptian investors to invest in Saudi Arabia," he said. "We will provide them with the needed facilities based on the strategic relation with Egypt."
Saudi investment into Egypt, he added, is also expected to increase by about $10 billion within the next five years.
Those deals are part of Saudi Crown Prince, Mohammed bin Salman's visit to Egypt, in which he arrived last night for the beginning of a tour of the region. After Egypt, bin Salman is expected to visit Jordan and Turkiye.
