Saudi Crown Prince Mohammed bin Salman has announced a $5 billion investment in Egypt through the Saudi Public Investment Fund (PIF), according to the Egyptian cabinet.
This announcement followed a meeting between the Crown Prince and Egyptian Prime Minister Mostafa Madbouly in Riyadh. While details on the investment’s timeline and nature were not disclosed, it was described as the “first step” of investment.
Prime Minister Madbouly highlighted the strong bilateral relationship and mentioned ongoing efforts to finalize an agreement to protect joint investments, which aims to boost investments between the two nations. He noted the presence of numerous Egyptian investment companies in Saudi Arabia and significant Saudi investments in Egypt.
Madbouly expressed optimism about achieving a strategic objective within three years, aiming to establish a notable presence in the African market across specific sectors with support from the Egyptian-Saudi Business Council.
The Crown Prince commended Egypt’s efforts to address Saudi investors’ concerns and stressed the importance of resolving remaining trade disputes to attract more investments. Madbouly stated that Egypt had resolved most challenges, with only 14 disputes left to settle.
During his visit, Madbouly also met with several Saudi ministers, including Industry and Mineral Resources Minister Bandar bin Ibrahim Alkhorayef, to discuss enhancing economic cooperation, particularly in industry and mining.
In August 2022, PIF established the Saudi Egyptian Investment Company (SEIC) to invest in promising sectors in Egypt. SEIC focuses on infrastructure, real estate, healthcare, financial services, food and agriculture, manufacturing, pharmaceuticals, and other opportunistic investments.