Saudi Crown Prince Mohammed bin Salman is expected to arrive in Cairo, Egypt within hours, where he will announce several major investments and projects, sources close to the matter have told Daily News Egypt.
The visit comes as part of a broader effort to strengthen economic ties between the two countries. In September, the Saudi Crown Prince announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh. The Crown Prince ordered the PIF to take this step as a “first phase” of new Saudi investment.
“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 at the time. “A significant number of Egyptian investment companies operate in Saudi Arabia, in addition to Saudi investments in Egypt.”
The Madbouly government is currently drafting an investment plan to offer the Red Sea’s Ras Banas for development, similar to the Ras El-Hekma deal, Housing Minister Sherif El Sherbiny told reporters earlier.
Saudi Arabia may be interested in developing a stretch of the Red Sea coastline, having shown preliminary interest in Ras Gamila, a spot in southern Sinai.
The Saudi Egyptian Investment Company (SEIC) was established in 2022 as a wholly owned PIF subsidiary. As of December 31, 2023, Saudi Arabia had long-term deposits with the Central Bank of Egypt (CBE) worth $5.3bn, according to CBE data.
