According to the Egyptian cabinet statement, PM Madbouly's visit is part of the Egyptian and Saudi commitment to strengthening cooperation and addressing regional issues, reflecting the strong and strategic relations between Cairo and Riyadh.

Madbouly is accompanied by Finance Minister Ahmed Kouchouk and Investment and Foreign Trade Minister Hassan ElKhatib, the statement noted.

Earlier this year, the Ministry of Planning and Economic Development reported that trade between Egypt and Saudi Arabia totalled $32 billion in the 2022-2023 fiscal year.

Saudi investments in Egypt reached $6.3 billion in 7,444 projects in industry, construction, tourism, services, and telecommunications.

Meanwhile, Egyptian investments in Saudi Arabia reached $1.6 billion across 2,027 manufacturing, retail, and construction projects in November 2023, according to Egyptian official statements.

According to a report by the Saudi Ministry of Investment published in June, Egyptian companies obtained 30 percent of the investment licenses issued in the Kingdom during the first quarter of this year, with 950 out of 3,157 licenses.