During a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh, Saudi Crown Prince Mohammed bin Salman announced his intention to invest US$5 billion through the Saudi Public Investment Fund (PIF) in Egypt as part of efforts to strengthen economic ties between the two countries. This is reported by Daily News Egypt, a partner of TV BRICS.

The Egyptian Prime Minister emphasised that numerous Egyptian investment companies are active in Saudi Arabia.

“We are currently working on finalising the agreement on the protection of joint investments, which will contribute to increasing investments between the two countries,” Madbouly said.

For his part, the Saudi prince emphasised the significance of connecting electricity grids between the two countries and expressed interest in supporting renewable energy companies in Egypt.

During the visit, the Egyptian Prime Minister also held meetings with several ministers, including Saudi Arabia’s Industry Minister Bandar bin Ibrahim Alkhorayef, to discuss joint initiatives. Alkhorayef highlighted the importance of industrial integration and partnership opportunities between investors from the two countries.

The Egyptian Prime Minister also stressed the importance of utilising the African Continental Free Trade Area (AFCTA) to access African markets for both Egyptian and Saudi products.

“We believe that through collaboration and understanding between Egypt and Saudi Arabia, and with the support of the Egyptian-Saudi Business Council, a strategic objective can be achieved,” he said.

The US$5 billion investment was the first step to further strengthen cooperation between nations, and Mohammed bin Salman expressed hope that the first meeting of the joint coordination council would be held soon.

African Times published this article in partnership with International Media Network TV BRICS