Cairo – October 15, 2024: Saudi Arabian Crown Prince Mohammed bin Salman, widely known as MbS, arrived in Cairo today for discussions with President Abdel Fattah al-Sisi focused on trade and investment, as well as regional crises in Lebanon and Gaza.
The crown prince's visit comes amid growing speculation about new significant Saudi investments in Egypt, particularly as Prime Minister Mostafa Madbouly revealed in September that Saudi Arabia is seeking to invest in the country.
PM Madbouly stated that, via Saudi Arabia’s Public Investment Fund (PIF), the country would inject a fresh $5 billion investment into Egypt as part of the first phase of a broader investment program, citing MbS.
The possibility of new Saudi investments has positively impacted Egypt's financial markets, with sovereign dollar bonds rallying on Tuesday. Longer-dated maturities saw the most significant gains, highlighting investor optimism in the wake of this potential financial partnership.
The talks between MbS and Sisi are expected to not only enhance bilateral relations but also provide support to Egypt’s economic recovery efforts.
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