Saudi Crown Prince and Egyptian President hold bilateral takes and agree to strengthen economic ties
Saudi Arabia and Egypt signed 14 investment deals worth around $7.7 billion (SR29 billion), as the two sides agree to strengthen economic ties.
The agreements were signed between a group of leading Saudi companies in various economic activities and several Egyptian companies and authorities, in the presence of KSA’s Commerce Minister Dr. Majid Al-Qasabi and the Investment Minister Khalid Al-Falih.
The Saudi investment ministry said the agreements were aimed to “enhance investment and economic cooperation between the two countries.”
Al-Falih said that his ministry will be the facilitator in bringing in private sector firms to invest various economic sectors, adding that it will also play its part in overcoming the challenges that the investors can face. The ministry will also encourage investments inside and outside Saudi Arabia, Al-Falih confirmed.
Commerce Minister Dr. Al-Qasabi, while addressing the participants of the signing ceremony, lauded the strength and depth of the bilateral relations and firm ties between Saudi Arabia and Egypt.
Agreements signed in the field of energy and manufacturing
Most of the agreements signed between the two sides were in the field of energy and manufacturing, noted Bandar Al-Amiri, the head of the Saudi side in the Saudi-Egyptian Joint Business Council. Al-Amiri expects future investments of around $5 billion between the two countries.
Saudi Arab and Egypt signing agreements in diverse fields testify to the growing economic relations and common goals between the two countries, the Saudi Ministry of Investment affirmed.
It is pertinent to mention here that the agreements were signed at a time when the Saudi Crown Prince Mohammed Bin Salman was on a two-day visit to Egypt, as part of a regional tour that also includes visits to Jordan and Turkey.
KSA’s planned $30 billion investments in Egypt
Saudi Arabia also plans to lead investments worth $30 billion in Egypt, according to a joint Saudi-Egyptian communiqué issued on Tuesday at the conclusion of the Crown Prince’s visit to Cairo.