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Saudi Crown Prince Mohammed Bin Salman was in Cairo yesterday for a one-day visit that saw him meet with President Abdel Fattah El Sisi to discuss strengthening relations and other issues of common interest, according to an Ittihadeya statement. The two sides touched on trade and investment, as well as regional tension.
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The outcome: The two sides inked the formation of the Egyptian-Saudi Supreme Coordination Council, which will be co-chaired by them. They also inked an Agreement on Promotion and Mutual Protection of Investments between Egypt and Saudi, which chairman of the Egyptian-Saudi Joint Business Council Bandar Al Ameri previously said could bring in upwards of USD 10 bn in bilateral investments over the next three years.
A two-month wait time: The agreement will be implemented within the coming two months once the legislation receives the regulatory greenlight from both sides, Prime Minister Moustafa Madbouly said last month.
Remember: Saudi Arabia is looking to turn its deposits with the Central Bank of Egypt into investments, with a focus on the industry, tourism, ICT, logistics, and green energy sectors
We’ve been investing a lot in Saudi, too: During the first half of this year, over 1.7k Egyptian investors got their Saudi investment license — representing 30% of the 5.9k licenses given out during the six-month period, according to data from the Saudi Investment Ministry.
The two leaders also discussed regional developments — particularly the situations in Gaza and Lebanon. “Both sides agreed on the gravity of the regional situation and the necessity to de-escalate tensions. The two leaders emphasized that the establishment of a sovereign Palestinian state, in accordance with international legitimacy resolutions, is the only path to achieving sustainable ceasefire, peace, and security in the region,” the statement read. Discussions also touched on what’s happening in Sudan, Libya, and Syria.
