Egypt Daily News – Sources reported on Wednesday that cooperation between the private sectors of Saudi Arabia and Egypt is set to inject a total of $15 billion in investments into Egypt.
This announcement follows an agreement focused on encouraging and protecting mutual investments, signed in Cairo on Tuesday by Saudi Crown Prince Mohammed bin Salman and President Abdel Fattah el-Sisi.
Bandar Al-Amri, the head of the Saudi-Egyptian Business Council, stated that these investment initiatives will span various sectors, including renewable energy, industry, real estate development, tourism, and technology.
He emphasized that these agreements were contingent on the signing of the investment protection agreement between the two nations.
During his visit to Cairo, Prince Mohammed bin Salman and President Sisi agreed to enhance commercial and investment cooperation, a critical move for Egypt as it strives to attract substantial investments to alleviate its ongoing economic challenges.
Following the news of the Crown Prince’s visit, Egyptian dollar-denominated sovereign bonds saw an uptick, with long-term bonds, particularly those maturing in 2059, rising significantly.
Additionally, sources disclosed that the discussions between the Saudi Crown Prince and Egyptian President also covered regional issues, including the crises in Lebanon and the Gaza Strip.
The Egyptian government highlighted that Bin Salman has directed the Saudi Public Investment Fund to invest $5 billion in the country, furthering the commitment to support Egypt amidst its financial difficulties.
