Saudi Crown Prince and Prime Minister Mohammed bin Salman held extensive talks with Egyptian President Abdel Fattah El-Sisi in Cairo, on Tuesday, October 15, focusing on strengthening bilateral relations and addressing shared regional concerns.
Discussions covered a wide range of issues, with particular emphasis on recent developments in the region. During the meeting, the two leaders oversaw the signing of key agreements to establish the Saudi-Egyptian Supreme Coordination Council and a pact to promote and protect mutual investments between the two nations. Delegations from both sides participated in an expanded session aimed at boosting joint investments and enhancing trade exchanges.
The Crown Prince’s visit is expected to further accelerate investments in crucial sectors. According to data from the Central Bank of Egypt, Saudi Arabia has invested approximately $6.1 billion in the Egyptian economy over the past decade.
In the 2022-2023 fiscal year, Saudi investments in Egypt surged to $2.4 billion, representing a 390% increase from the previous year and accounting for 10% of global investments, which totaled $23 billion. In the first nine months of the 2023-2024 fiscal year, Saudi investments in Egypt amounted to $511.3 million.
Cumulative Saudi investments in Egypt now stand at approximately $34 billion, spread across 6,830 companies. This relationship is further reinforced by Saudi financial deposits with the Central Bank of Egypt, totaling $10.3 billion.
