Egypt, Saudi Arabia sign accords to encourage mutual investment, form supreme coordination council

CAIRO – 16 October 2024: Egypt and Saudi Arabia have signed an accord to establish a supreme Egyptian-Saudi coordination council along with an agreement to encourage and protect mutual investments between the two countries, said the Egyptian Presidency in a statement.

President Abdel Fattah El-Sisi and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, witnessed the signing of the agreements as they held expanded talks in Cairo on Tuesday with the participation of delegations from both countries.

The supreme coordination council between the two countries will be co-chaired by the president and the Saudi crown prince. It will follow up on various aspects of bilateral relations and ensure their continuous development.

During their meeting at Al-Ittihadiya Palace, the two sides discussed ongoing efforts to develop the Egyptian-Saudi economic partnership, especially in investment and trade, as well as economic integration in energy, transportation and tourism.

 

Sisi noted the mutual keenness of Egypt and Saudi Arabia to enhance their historical relations by strengthening bilateral institutional mechanisms, especially through the launch of the supreme coordination council.

For his part, the Saudi crown prince conveyed the greetings of King Salman bin Abdulaziz Al Saud, stressing the importance the Kingdom attaches to strengthening relations with Egypt.

Bin Salman highlighted Saudi Arabia’s commitment to continue building on the historical ties between the two countries and brotherly peoples to achieve common interests at various political, economic and developmental levels.

 

Bin Salman’s visit yesterday came amid unprecedented regional tensions as well as huge investment prospects between the two countries.

Last September, the crown prince received Egypt’s Prime Minister Mostafa Madbouly in Riyadh, announcing that the Saudi Public Investment Fund (PIF) will pump $5 billion worth of investments in Egypt as part of an “initial stage.”

Madbouly said later that these planned investments will be in projects that will be decided jointly later in prominent economic sectors.

During the meeting yesterday, Sisi stressed the deep and pivotal strategic relations between Egypt and Saudi Arabia, especially in light of the regional threats.

The president emphasized the importance of continuing joint coordination and cooperation to overcome the current critical stage that the region and Islamic world are going through.

 

The two leaders called for the commencement of de-escalatory steps in both Gaza and Lebanon, including a ceasefire.

They also called for addressing worsening humanitarian conditions in Gaza and Lebanon, halting brinkmanship policies, and hindering the expanding cycle of conflict.

Furthermore, they stressed the importance of respecting Lebanon's sovereignty, security, stability, and territorial integrity.

As they addressed regional developments, Sisi and bin Salman underlined the necessity of halting escalation.

 

They highlighted the need for the establishment of a sovereign Palestinian state, in accordance with international legitimacy, as the only way to achieve sustainable calm, peace, and security in the region.

They stressed that attempts to liquidate the Palestinian cause will lead to the continuation of conflict in the region.

Additionally, the leaders discussed several regional issues, including the security of the Red Sea region, as well as the situations in Sudan, Libya, and Syria.

The crown prince made his last official visit to Egypt in 2022. Meanwhile, Sisi met with bin Salman in November last year on the sidelines of the Joint Arab-Islamic Extraordinary Summit held in Riyadh to discuss the Israeli aggression against the Palestinian people.