KSA, 15 October, 2024 : Saudi Crown Prince Mohammed bin Salman is expected to arrive in Cairo shortly to unveil several significant investments and projects aimed at strengthening economic ties between Saudi Arabia and Egypt. This visit follows the Crown Prince's announcement in September of a $5 billion investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh.
Prime Minister Madbouly stated that the two countries are finalizing an agreement to protect joint investments, which will boost investment flows. He noted that many Egyptian investment firms operate in Saudi Arabia, complementing the growing Saudi investments in Egypt.
Additionally, the Egyptian government is drafting an investment plan for the development of the Red Sea’s Ras Banas, similar to the Ras El-Hekma deal. There is also Saudi interest in developing a portion of the Red Sea coastline, with preliminary discussions focused on Ras Gamila in southern Sinai.
The Saudi Egyptian Investment Company (SEIC), established in 2022 as a PIF subsidiary, reflects the deepening financial cooperation. As of December 31, 2023, Saudi Arabia's long-term deposits with the Central Bank of Egypt amounted to $5.3 billion, according to CBE data.
Source : www.zawya.com
