On Monday, Saudi Crown Prince Mohammed bin Salman directed the Saudi Public Investment Fund to pump investments in Egypt totaling $5 billion as a first phase.

This came according to an official statement by the Egyptian Council of Ministers, following the meeting that brought together Saudi Crown Prince Mohammed bin Salman and Egyptian Prime Minister Mostafa Madbouly, on Monday, in the Saudi capital, Riyadh.

Bin Salman expressed his aspiration to hold the first meeting of the coordination council between the two sides, during next October, after coordination between the two sides.

He appreciated the efforts made by the Egyptian government to solve the problems of Saudi investors during the past period, noting the importance of settling the remaining commercial disputes related to Saudi investors, in a way that encourages more Saudi investment in Egypt.

He stressed the importance of the electrical connection between Egypt and the Kingdom, expressing in this regard his aspiration to provide more necessary facilities to companies working in the field of new and renewable energy in Egypt.

For his part, Egyptian Prime Minister Mostafa Madbouly confirmed that his visit and the delegation accompanying him aim to support and strengthen economic relations between the two brotherly countries, praising the close cooperation between the two sides in various fields.

Madbouly explained that the Egyptian government has succeeded in ending most of the problems of Saudi investors in Egypt, as solutions have been found for about 90 challenges facing Saudi investors, and only 14 disputes remain that will be resolved during the coming period.

The Egyptian Prime Minister’s visit to Saudi Arabia aims to discuss joint cooperation files between the two countries, which Madbouly confirmed during his meeting with officials in the Kingdom, stating that the Egyptian government aims during the next stage to attract more new Saudi investments, especially in light of the non-profit incentives it provides. Preceded, including the golden licence.

The governments of Egypt and Saudi Arabia intend to sign an agreement to protect and encourage investment soon, in light of their efforts to strengthen economic and investment relations and partnerships, at a time when the volume of trade exchange has reached 124 billion riyals, equivalent to 33 billion dollars, during the years 2022-2023.