The statement came after Egyptian Prime Minister Mostafa Madbouly met with the Saudi crown prince in Riyadh, where they discussed strengthening bilateral relations.
Dr. Mostafa Madbouly praised the great development taking place in the Kingdom as part of the efforts made to implement Saudi Vision 2030, appreciating the great development and diversity witnessed by the Kingdom in the field of urbanization and development in general, describing what is happening in the Kingdom as an unprecedented development.
In this context, the Egyptian Prime Minister stressed the prominent role played by Prince Mohammed bin Salman in achieving real development for the benefit of the Saudi people, in addition to his important role in serving the issues of the Arab nation.
He stressed that his current visit to the Kingdom and the accompanying ministerial delegation aim to support and strengthen economic relations between our two brotherly countries, praising the close cooperation between the two sides in various fields, and welcoming on the other hand the completion of the preparation of the terms of the agreement to protect and encourage Egyptian-Saudi investments at the technical level, noting that constitutional measures will be taken during the coming period in order to prepare for its signing and ratification.
Dr. Mostafa Madbouly explained that the Egyptian government has succeeded in resolving most of the problems of Saudi investors in Egypt, as solutions have been reached for about 90 of the challenges facing Saudi investors, and only 14 disputes remain that will be resolved during the coming period.
Meanwhile, the Prime Minister reviewed the Egyptian government’s efforts to provide the necessary resources for the electricity sector, and to increase and diversify sources of new and renewable energies, noting in this regard the plan for electrical interconnection with the Kingdom before next summer.
In this regard, Dr. Mostafa Madbouly praised the existing cooperation between the Egyptian government and the Saudi company “ACWA Power” as one of the major producers of new and renewable energy and water desalination at the lowest cost.
During the meeting, the Prime Minister discussed the current regional crises and their repercussions on Egypt, especially the security of navigation in the Red Sea, in addition to the increasing number of immigrants and refugees to Egypt, which has repercussions on the Egyptian economy.
Dr. Mostafa Madbouly stressed the compatibility of Egyptian and Saudi visions and positions on various regional issues.
In turn, Prince Mohammed bin Salman expressed his aspiration to visit Egypt as soon as possible.
Prince Mohammed bin Salman praised the important role played by Egyptian workers in the current renaissance witnessed by the Kingdom, expecting these numbers to increase in the coming period.
During the meeting, the Saudi Crown Prince announced that he had directed the Saudi Public Investment Fund to pump investments into Egypt totaling $5 billion as a first phase.
He expressed his aspiration to hold the first meeting of the Coordination Council between the two sides, next October, after coordination between the two sides.
He appreciated the efforts made to solve the problems of Saudi investors during the past period, pointing out the importance of settling the remaining trade disputes related to Saudi investors, which would encourage more Saudi investment in Egypt.
Prince Mohammed bin Salman also stressed the importance of the electrical connection between Egypt and the Kingdom, expressing in this regard his aspiration to provide more necessary facilities for companies operating in the field of new and renewable energy in Egypt.
The Saudi Crown Prince discussed the efforts made by the Kingdom of Saudi Arabia in cooperation with Egypt to contain regional crises, whether the war in the Gaza Strip or Yemen or the security of navigation in the Red Sea, stressing the agreement of visions on various issues.
In this regard, Prince Mohammed bin Salman expressed his support for the Egyptian efforts to reach a ceasefire in Gaza, stressing the importance of the role of both Egypt and Saudi Arabia in serving Arab issues.
The statement did not include any further details about the date of investment of the funds, the nature of the investments, or the number of phases in which the Saudi government plans to implement its investments.
It is noteworthy that in 2022, the Saudi Egyptian Investment Company was established as a company wholly owned by the Public Investment Fund.
Data from the Central Bank of Egypt indicate that the Kingdom’s long-term deposits with the bank amounted to $5.3 billion as of December 31, 2023, according to Reuters.
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