Egypt Daily News – Crown Prince Mohammed bin Salman, the Chairman of the Council of Ministers of Saudi Arabia, announced during his reception of Dr. Mostafa Madbouly, the Prime Minister, in the Saudi capital Riyadh, that he has directed the Saudi Public Investment Fund to inject investments in Egypt totaling 5 billion dollars as a first phase.
He expressed his anticipation for holding the first meeting of the coordinating council between the two sides in the upcoming month of October, following coordination between them.
He valued the efforts made to resolve the issues faced by Saudi investors in the past period, pointing out the importance of settling the remaining commercial disputes concerning Saudi investors, which encourages further Saudi investment in Egypt.
Prince Mohammed bin Salman emphasized the importance of the electrical connection between Egypt and the Kingdom, expressing in this regard his hope to provide more necessary facilities for companies operating in the field of new and renewable energy in Egypt.
The Saudi Crown Prince addressed the efforts made by the Kingdom of Saudi Arabia in collaboration with Egypt to contain regional crises, whether it be the war in Gaza, Yemen, or maritime security in the Red Sea, emphasizing the alignment of visions on these various issues.
In this regard, Prince Mohammed bin Salman expressed his support for Egypt’s efforts to reach a ceasefire in Gaza, emphasizing the importance of the roles of both Egypt and Saudi Arabia in serving Arab causes.
For his part, Dr. Mostafa Madbouly praised the significant progress taking place in the Kingdom as part of the efforts to implement Saudi Vision 2030, appreciating the remarkable development and diversity the Kingdom has witnessed in the field of urbanization and development in general, describing what is happening in the Kingdom as unprecedented progress.
The Prime Minister emphasized, in this context, the prominent role played by Prince Mohammed bin Salman in achieving real development for the benefit of the Saudi people, as well as his important role in serving the issues of the Arab nation.
He confirmed that his current visit to the Kingdom, along with the accompanying ministerial delegation, aims to support and enhance economic relations between our two brotherly countries.
He praised the close cooperation between the two sides in various fields and welcomed the completion of the technical preparation of the terms of the agreement for the protection and encouragement of Egyptian-Saudi investments and pointed out that constitutional procedures will be taken in the coming period to prepare for its signing and ratification.
“Madbouly” explained that the Egyptian government has succeeded in resolving most of the issues faced by Saudi investors in Egypt, as solutions have been reached for about 90 problems among the challenges facing Saudi investors, with only 14 disputes remaining that will be addressed in the upcoming period.
Meanwhile, the Prime Minister reviewed the Egyptian government’s efforts to provide the necessary resources for the electricity sector, as well as to increase and diversify sources of new and renewable energy. He noted in this regard the plan for electrical interconnection with the Kingdom before the upcoming summer.
In this regard, Dr. Mostafa Madbouly praised the existing cooperation between the Egyptian government and the Saudi company “Aqua Power,” considering it one of the major producers of new and renewable energy and water desalination at the lowest cost.
During the meeting, the Prime Minister addressed the current regional crises and their implications for Egypt, particularly regarding the security of navigation in the Red Sea, as well as the increasing number of migrants and refugees to Egypt, which has repercussions on the Egyptian economy.
The meeting was attended by Ahmed Kajoak, the Minister of Finance, Engineer Hassan Al-Khatib, the Minister of Investment and Foreign Trade, and Ambassador Ahmed Farouk, Egypt’s Ambassador to Riyadh. From the Saudi side, the attendees included: Prince Faisal bin Farhan bin Abdullah, the Minister of Foreign Affairs, Dr. Issam bin Saeed, Minister of State and Member of the Council of Ministers for Shura Council Affairs, Dr. Majid Al-Qasabi, the Minister of Commerce, Engineer Khalid Al-Falih, the Minister of Investment, Mr. Mohammed Al-Jadaan, the Minister of Finance, Yasser Al-Rumayyan, Governor of the Public Investment Fund, and Ambassador Saleh Al-Husseini, the Ambassador of the Custodian of the Two Holy Mosques to Egypt.
