Saudi Crown Prince and Egyptian President Hold Strategic Talks
Cairo, The Gulf Observer: Saudi Crown Prince and Prime Minister Mohammed bin Salman held comprehensive talks with Egyptian President Abdel Fattah El-Sisi in Cairo on Tuesday, focusing on enhancing bilateral relations and addressing regional developments.
During the meeting, the Crown Prince and President El-Sisi discussed ways to strengthen the long-standing fraternal ties between Saudi Arabia and Egypt, underscoring their shared commitment to regional stability and mutual cooperation. Key issues of common interest, particularly the latest developments in the Middle East, were also on the agenda.
The two leaders also presided over the signing of two landmark agreements on the sidelines of the talks. The first formalized the establishment of the Saudi-Egyptian Supreme Coordination Council, aimed at facilitating high-level bilateral cooperation. The second agreement focused on promoting and protecting mutual investments between the two nations, further solidifying their economic partnership.
Senior delegations from both countries participated in an expanded discussion session, which emphasized strengthening joint investments and boosting trade exchange. Saudi Arabia and Egypt, both key players in the Arab world, are committed to leveraging their economic and diplomatic ties for mutual benefit.
Crown Prince Mohammed bin Salman’s visit, carried out under the directives of Custodian of the Two Holy Mosques King Salman, is expected to further catalyze joint investments in vital sectors, in line with both nations’ development goals.
According to the Central Bank of Egypt, Saudi Arabia has invested approximately $6.1 billion in the Egyptian economy over the past decade. Notably, during the fiscal year 2022-2023, Saudi investments in Egypt surged to $2.4 billion—an increase of 390 percent over the previous year. This inflow accounted for 10 percent of Egypt’s global investments, which totaled $23 billion.
The first nine months of the fiscal year 2023-2024 saw a further $511.3 million in Saudi investments, bringing the cumulative Saudi investments in Egypt to around $34 billion. This capital is spread across 6,830 companies, highlighting the depth and breadth of Saudi-Egyptian economic cooperation.
Saudi Arabia, the largest economy in the Arab world, and Egypt, the third-largest, maintain a close partnership built on historical ties and mutual support. Saudi financial deposits with the Central Bank of Egypt currently amount to $10.3 billion, further emphasizing Riyadh’s commitment to bolstering Egypt’s financial stability.
The talks and agreements are expected to further strengthen economic ties between the two countries, enhancing regional stability and fostering development in critical sectors for both nations.
