Saudi Crown Prince Commits $5 Billion Investment to Egypt

KSA, 17 September, 2024 : Saudi Crown Prince Mohammed bin Salman has pledged a $5 billion investment in Egypt through the Public Investment Fund (PIF), announced during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday.

The investment aims to strengthen economic ties between the two nations. Madbouly, who conveyed greetings from Egyptian President Abdel Fattah Al-Sisi to King Salman and the Crown Prince, highlighted the robust relationship between Cairo and Riyadh. He noted ongoing work to finalize an agreement on protecting joint investments and discussed the potential for increased cooperation in various sectors.

Madbouly also emphasized the importance of leveraging the African Continental Free Trade Area to expand into African markets and suggested collaboration in the automotive sector, given both countries' advancements in the industry.

The meeting included discussions with several Saudi ministers, including Industry Minister Bandar Alkhorayef, who underscored the potential for industrial integration between Egypt and Saudi Arabia. The visit also focused on resolving challenges faced by Saudi investors in Egypt, with assurances that issues would be addressed in the coming months.

Crown Prince Mohammed bin Salman expressed support for Egyptian efforts in renewable energy and regional stability, including the conflict in Gaza. He hopes to visit Egypt soon and anticipates the first meeting of the joint coordinating council in October.

Source : www.zawya.com