The Egyptian cabinet said Saudi Crown Prince Mohammed bin Salman has announced a $5 billion investment in the country through the Saudi Public Investment Fund (PIF).
The statement came hours after the Crown Prince met Egyptian Prime Minister Mostafa Madbouly in Riyadh on Monday.
The statement said it was the “first step” of investment, but did not give any details on the timelines of fund deployment, or the nature of the investments. Wire agency Reuters reached PIF for comments but the sovereign wealth fund did not immediately respond to the request.
Madbouly praised the strong relationship between the two countries and told reporters: “We are currently working on finalising the agreement on the protection of joint investments, which will contribute to increasing investments between the two countries. A significant number of Egyptian investment companies operate in Saudi Arabia, in addition to Saudi investments in Egypt.
“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: establishing a significant presence in the African market within the next three years across specific sectors, with a clear focus on priorities.”
The crown prince praised Egypt’s efforts to address the concerns of Saudi investors and emphasised the importance of resolving remaining trade disputes to attract more Saudi investment.
Madbouly said that Egypt had resolved most challenges facing Saudi investors, with only 14 disputes remaining to be settled.
During the visit, Madbouly’s met several Saudi ministers, including Bandar bin Ibrahim Alkhorayef, the Minister of Industry and Mineral Resources.
التقيت اليوم في الرياض رئيس الوزراء بجمهورية مصر الدكتور مصطفى مدبولي، وناقشنا تعزيز التعاون الاقتصادي، خاصة في قطاعي الصناعة والتعدين، وبحثنا الفرص الاستثمارية المتاحة بين البلدين، إضافة إلى أهمية التكامل الصناعي وزيادة حجم التبادل التجاري، بما يخدم مصالح البلدين الشقيقين pic.twitter.com/yVBjfZeKNO
— بندر إبراهيم الخريف Bandar Alkhorayef (@BAlkhorayef) September 16, 2024
In August 2022, PIF launched the Saudi Egyptian Investment Company (SEIC) to invest in promising sectors throughout the country.
SEIC aims to invest in infrastructure, real estate development, healthcare, financial services, food and agriculture, manufacturing, pharmaceutical and other opportunistic investments.
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