Saudi Crown Prince Mohammed bin Salman announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday. The announcement was made as part of a broader effort to bolster economic ties between the two countries. Madbouly, who conveyed greetings from Egyptian President Abdel Fattah Al-Sisi to King Salman bin Abdulaziz and the Crown Prince, praised the strong relationship between Cairo and Riyadh. "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. "A significant number of Egyptian investment companies operate in Saudi Arabia, in addition to Saudi investments in Egypt." Madbouly commended the progress made in Saudi Arabia under Vision 2030, describing the country's development as unprecedented. He also highlighted the Crown Prince's crucial role in driving this development and serving the interests of the Arab nation. The Egyptian Prime Minister also stressed the importance of leveraging the African Continental Free Trade Area to penetrate African markets with both Egyptian and Saudi products. He highlighted the potential for cooperation in the automotive sector, given Saudi Arabia's substantial progress in this area and Egypt's current incentives for the industry. "Egyptian products have already established a successful presence in African markets," Madbouly said. "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." Madbouly's visit to Saudi Arabia included meetings with several ministers, including a meeting with Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, aimed at discussing joint cooperation initiatives. The meeting was attended by Egyptian Minister of Finance Ahmed Kojak, Minister of Investment and Foreign Trade Hassan El-Khatib, Egyptian Ambassador to Riyadh Ahmed Farouk, and Saudi Ambassador to Cairo Saleh bin Eid Al-Hussaini. Alkhorayef highlighted the importance of fostering industrial integration and expanding the trade exchange base between the two countries. He noted that Egypt was among the most significant countries engaged with following the launch of Saudi Arabia's industrial strategy in 2023. "We are currently identifying areas for collaboration to achieve partnerships between investors from both sides," Alkhorayef said. "We believe that industrial integration between Egypt and Saudi Arabia will serve as a catalyst for sustainable cooperation between the two nations." The visit to Saudi Arabia aimed to explore investment opportunities between the two countries, as well as discuss ways to address challenges faced by Saudi investors in Egypt. Madbouly assured investors that any remaining issues would be resolved within the next two to three months. He highlighted significant efforts made in 2024 to address these concerns. The Crown Prince also highlighted Saudi Arabia's efforts in implementing Vision 2030 and praised the vital role of Egyptian workers in the country's current progress. He expressed his hope to visit Egypt soon and meet with President el-Sisi. He also underscored the importance of the power grid connection between Egypt and Saudi Arabia, expressing his desire to provide further support for companies working in the field of renewable energy in Egypt. The Crown Prince announced the PIF's planned investment of $5bnin Egypt as a first step, expressing his hope for the first meeting of the joint coordinating council to take place in October after coordination between both sides. He praised the efforts made to address the concerns of Saudi investors in the past and emphasised the importance of resolving remaining trade disputes, encouraging further Saudi investment in Egypt. He spoke about Saudi Arabia's collaborative efforts with Egypt in managing regional crises, including the war in Gaza, the situation in Yemen, and Red Sea security, affirming a shared vision on these issues. The Crown Prince expressed his support for Egypt's efforts to reach a ceasefire in Gaza, emphasising the important roles played by both Egypt and Saudi Arabia in serving Arab causes.
