Saudi Crown Prince announces $5 Bln investment in Egypt

CAIRO – 16 September 2024: Saudi Crown Prince and Prime Minister Mohammed bin Salman expressed his desire to visit Egypt soon and meet President El-Sisi, announcing a $5 billion investment by the Saudi Public Investment Fund in Egypt, marking the first phase of this initiative.

Prince Mohammed bin Salman highlighted Saudi Arabia’s progress under Vision 2030 and commended the contributions of Egyptian workers to the Kingdom’s development.

His announcement was stated during a meeting with Egyptian Prime Minister Mostafa Mabdouly in Riyadh on Monday. The meeting, attended by key officials from both countries, focused on various issues of mutual interest.

The Crown Prince also expressed hope for the inaugural meeting of the Coordination Council between the two countries in October and underscored the importance of resolving remaining trade disputes to encourage further Saudi investment.

Bin Salman reaffirmed the importance of the electrical connection project and expressed willingness to facilitate new and renewable energy investments in Egypt. He praised the collaborative efforts to address regional crises, including the situation in Gaza and Yemen, and supported Egyptian efforts to achieve a ceasefire in Gaza, emphasizing the crucial roles of both Egypt and Saudi Arabia in advancing Arab issues.

At the outset of the meeting, Madbouly conveyed President Abdel Fattah El-Sisi’s greetings to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, emphasizing the strong relations and fraternal bonds between Cairo and Riyadh.

Madbouly praised Saudi Vision 2030 and the Kingdom’s remarkable urban and developmental progress, highlighting the unprecedented nature of these advancements. He acknowledged the significant role played by Crown Prince Mohammed bin Salman in driving this development and in addressing regional issues.

The Prime Minister’s visit aims to bolster economic ties between Egypt and Saudi Arabia. He lauded the ongoing cooperation and the imminent finalization of an agreement to protect and encourage Egyptian-Saudi investments. He noted that 90 issues faced by Saudi investors in Egypt have been resolved, with only 14 remaining.

Madbouly also discussed Egypt’s efforts to enhance its electricity sector and expand its use of new and renewable energies, including plans for an electrical interconnection with Saudi Arabia by next summer. He commended the collaboration with ACWA Power, a leading provider of renewable energy and water desalination.

Regional crises, including security concerns in the Red Sea and the impact of migration on the Egyptian economy, were also on the agenda. Dr. Madbouly emphasized the alignment of Egyptian and Saudi views on these issues.

The meeting was also attended by – from the Egyptian side- Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Eng. Hassan Al-Khatib, and Amabssador of Egypt to Riyadh Ahmed Farouk. The Saudi delegation included His Highness Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs; Essam bin Saeed, Minister of State and Member of the Council of Ministers for Shura Council Affairs; Majid Al-Qasabi, Minister of Commerce; Eng. Khalid Al-Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Yasser Al-Rumayan, Governor of the Public Investment Fund; and Ambassador Saleh Al-Hussaini, Ambassador of the Custodian of the Two Holy Mosques to Egypt.