El-Sisi emphasized the depth and strategic importance of the relationship between Egypt and Saudi Arabia during his meeting with the Saudi Crown Prince, especially in light of the regional threats.
President Abdel Fattah El-Sisi and Saudi Crown Prince Mohammed bin Salman witnessed the signing of an agreement to encourage and protect mutual investments between the two countries, and the formation of the Egyptian-Saudi Supreme Coordination Council during the Saudi Crown Prince’s visit to Egypt on Tuesday.
El-Sisi emphasized the depth and strategic importance of the relationship between Egypt and Saudi Arabia during his meeting with the Saudi Crown Prince, especially in light of the regional threats.
The both sides reviewed ongoing efforts to enhance the Egyptian-Saudi economic partnership, particularly in investment exchange, trade between the two countries, and financial integration in sectors such as energy, transportation, and tourism.
Head of the Saudi-Egyptian Business Council, Bandar Al-Amiri, said that the cooperation between the private sectors in Saudi Arabia and Egypt resulted in agreements to pump investments worth a total of $15 billion into Egypt, in an interview with Al-Arabiya Business.
He explained that these agreements are new, and were awaiting the signing of the investment protection agreement between the two countries.
These agreements include the sectors of renewable energy, industry, real estate development, and tourism, in addition to investments in the technical sector.
The volume of trade exchange between Saudi Arabia and Egypt amounts to about 48 billion riyals, while the value of Saudi imports from Egypt is estimated at 20 billion riyals, and Saudi exports to Egypt reach 28 billion riyals, according to data from the Federation of Saudi Chambers of Commerce.
