Saudi Arabia, Egypt sign agreements worth $7.7bn to support growth sectors

By Arya M Nair, Intern Reporter
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Saudi Arabia and Egypt have signed 14 agreements worth $7.7 billion during a visit to Cairo by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, and Deputy Prime Minister.

The agreements were signed at the Public Authority for Investment’s headquarters in Cairo, in the presence of several Saudi and Egyptian officials and investors.

The agreements include investment in growth sectors including infrastructure, renewable energy projects, green hydrogen, medicine and eCommerce. They also cover the sectors of logistics, port management, food industries, pharmaceutical industry, conventional energy, renewable energy, electronic payment system, and financial and information technology solutions.

An agreement for the executive program for cooperation in the media and entertainment field was also signed between the two countries, in order to enhance bilateral cooperation in the fields of press, radio, television, drama production and digital media.

During the visit, Prince Mohammed bin Salman was received by Mr. Abdel Fattah el-Sisi, President of Egypt. Both sides discussed overall bilateral relations and ways to strengthen them across various fields, deepen the economic and investment levels, launch more joint projects in line with the promising investment opportunities available to both sides as well as regional and global political issues of common interest, within the framework of the historical strategic partnership between the two countries, which aims to achieve security, stability, development and peace.

Egypt and Saudi have been indulging in various bilateral investments, expanding and leveraging the market capabilities of both countries. Earlier this year, Saudi Fund for Development (SFD) signed three agreements worth $19 million to contribute to the financing of Egyptian SMEs.

Related: Egypt’s BNPL fintech valU further expands to MENA with Saudi’s FAS Labs


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