Saudi Arabia is set to enhance support for companies in Egypt’s new and renewable energy sector.
During a meeting in Riyadh, Saudi Crown Prince Mohammed bin Salman announced a $5 billion investment in Egypt through the Public Investment Fund. This move aims to strengthen economic and investment ties between the two nations.
Investment Boost
Egyptian Prime Minister Mostafa Madbouly highlighted the completion of an agreement to protect joint investments, expected to significantly increase bilateral investments. Egypt is preparing for the agreement’s signing and ratification through constitutional measures.
Madbouly reported that Egypt has resolved most issues faced by Saudi investors, addressing 90 challenges with only 14 disputes remaining. He praised Saudi Arabia’s development under Vision 2030, especially in urbanization, and acknowledged the Crown Prince’s role in driving this progress.
Enhanced Energy Cooperation
The meeting also covered Egypt’s efforts to support the electricity sector and diversify energy sources, including plans for electrical interconnection with Saudi Arabia by next summer. Madbouly commended the collaboration with Saudi company ACWA Power in renewable energy and water desalination.
Crown Prince bin Salman recognized the contributions of Egyptian workers in Saudi Arabia’s development and anticipated further growth in their numbers. He expressed enthusiasm for the upcoming joint coordinating council meeting and emphasized the importance of the electrical connection between the two countries. Additionally, he confirmed that Saudi Arabia would provide extra support for companies in Egypt’s renewable energy sector.