During a meeting in Riyadh, Saudi Crown Prince Mohammed bin Salman announced a US$5 billion investment in Egypt through the Saudi Public Investment Fund (PIF), aiming to bolster economic ties. Egyptian Prime Minister Mostafa Madbouly highlighted the active role of Egyptian investment companies in Saudi Arabia.
“We are finalizing an agreement to protect joint investments, which will boost investments between our countries,” Madbouly stated.
The Saudi Crown Prince emphasized the importance of connecting electricity grids and expressed support for renewable energy initiatives in Egypt.
Madbouly also met with Saudi Industry Minister Bandar bin Ibrahim Alkhorayef to discuss industrial integration and partnership opportunities. Alkhorayef underscored the potential for collaboration between investors from both nations.
The Egyptian Prime Minister stressed leveraging the African Continental Free Trade Area to access African markets for Egyptian and Saudi products.
“Through collaboration and understanding, supported by the Egyptian-Saudi Business Council, we can achieve strategic objectives,” he added.
This US$5 billion investment marks a significant step towards enhancing cooperation, with hopes for an early meeting of the joint coordination council.