Strengthening Egyptian-Saudi economic ties: key agreements signed during crown prince’s visit

CAIRO – 16 October 2024: During the visit of Saudi Crown Prince Mohammed bin Salman to Egypt on Tuesday, President Abdel Fattah El-Sisi and the Crown Prince witnessed the signing of a landmark agreement aimed at encouraging and protecting mutual investments between the two nations. Additionally, they announced the formation of the Egyptian-Saudi Supreme Coordination Council, signaling a new phase of strategic cooperation.

 

President El-Sisi highlighted the depth and significance of the strategic relationship between Egypt and Saudi Arabia, especially given the current regional challenges.

 

Both leaders reviewed ongoing efforts to bolster the economic partnership, focusing on investment exchange, trade, and integration across key sectors such as energy, transportation, and tourism.

 

Bandar Al-Amiri, Head of the Saudi-Egyptian Business Council, revealed in an interview with Al-Arabiya Business that cooperation between the private sectors of both countries has resulted in investment agreements worth $15 billion.

 

These agreements, which were awaiting the signing of the investment protection pact, will target sectors like renewable energy, industry, real estate development, tourism, and technology.

 

Trade between Saudi Arabia and Egypt amounts to approximately 48 billion riyals. Of this, Saudi imports from Egypt account for 20 billion riyals, while Saudi exports to Egypt stand at 28 billion riyals, according to data from the Federation of Saudi Chambers of Commerce.