Saudi Crown Prince holds key talks with president El-Sisi in Cairo

Saudi Crown Prince and Prime Minister Mohammed bin Salman met with Egyptian President Abdel Fattah El-Sisi in on Tuesday Cairo for wide-ranging talks.

The two leaders discussed strengthening their countries’ relations and addressing regional issues. They also witnessed the signing of agreements to create the Saudi-Egyptian Supreme Coordination Council and promote mutual investments.

The meeting aimed to enhance joint investment and trade exchange between Saudi Arabia and Egypt, with delegations from both countries in attendance.

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Saudi Arabia has invested significantly in Egypt, with foreign direct investments totaling $6.1 billion over the past decade, according to the Central Bank of Egypt.

Last year, Saudi investments in Egypt surged 390% to $2.4 billion, accounting for 10% of global investments. The cumulative Saudi investments in Egypt now stand at $34 billion, through 6,830 companies.

The strong economic ties between the two nations are evident, with Saudi financial deposits at the Central Bank of Egypt amounting to $10.3 billion. As the largest Arab economy, Saudi Arabia, and the third-largest economy, Egypt, have historically enjoyed close relations, consistently supporting each other’s positions.

With significant investments and a long-standing history of cooperation, the Saudi-Egyptian relationship continues to play a vital role in regional development.