Saudi Arabia and Egypt have signed 14 agreements worth $7.7 billion during the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud’s visit to Cairo.
The agreements include investment deals in several fields, such as infrastructure, renewable energy projects, green hydrogen, medicine, and e-commerce.
Agreements were also made in the sectors of infrastructure, logistics, port management, food industries, pharmaceutical industry, conventional energy, renewable energy, electronic payment system, and financial and information technology solutions, according to the state-run Saudi Press Agency.
The agreements were signed at the Public Authority for Investment’s headquarters in Cairo, in the presence of a number of Saudi and Egyptian officials and investors.
Additionally, the two nations also inked an agreement for an executive programme of cooperation in the field of media, in order to enhance bilateral cooperation in radio, television, press, drama production, and digital media.
Saudi Crown Prince Mohammed bin Salman’s regional tour
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who is also the kingdom’s Deputy Prime Minister and Minister of Defense, has begun his regional tour of Egypt, Jordan, and Turkey.
The Crown Prince will meet the leaders of these countries to review bilateral relations, the state-run Saudi Press Agency reported.
Egyptian President Abdel-Fattah El-Sisi received the Saudi Crown Prince Mohammed bin Salman at the Cairo International Airport on Monday night, the presidential spokesman Bassam Rady confirmed.
The volume of bilateral trade between Saudi Arabia and Egypt reached approximately $14.39 billion (SAR 54 billion) in 2021, its highest value in history, marking an 87 percent increase compared to 2020.
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