22 Jun 2022
During his visit to Egypt, Saudi Arabia’s Crown Prince announced the signing of 14 investment deals worth USD7.7bn. The investments will be made in various industries such as food, fintech, renewable energy, and petroleum. Some of the agreements include a USD1.5bn project to build a wind power plant and another project to develop the multi-purpose terminal at Damietta Port. Also included is a project located in Saudi Arabia, where an Egyptian pharmaceutical company will establish a pharmaceutical city there worth USD150mn.
In an official statement, Saudi Arabia said it intends to have investments in Egypt worth USD30bn, although no clear timeline was given to reach that figure. Egypt and Saudi Arabia have strong relations, with over 150 bilateral agreements between them. (Sources: Reuters (English), Associated Press (English), Saudi Gazette (English), al-Ahram (English), al-Arabiya (English) (Arabic), Khaleej Times (English), Forbes Middle East (English), Zawya (English) (Arabic), Xinhua (English), MenaFN (English), Amwal al-Ghad, Hapi Journal, al-Youm al-Saabe, al-Masry al-Youm, Akhbar al-Youm, Sada el-Balad, Masrawy, al-Sharq Business, Sky News Arabia, al-Sharq al-Awsat, al-Ain, CNN, RT)