Saudi Public Investment Fund to initially invest $5 bln in Egypt: Crown Prince Mohamed bin Salman

Ahram Online , Monday 16 Sep 2024

Saudi Crown Prince Mohammed bin Salman announced in his meeting with Prime Minister Mostafa Madbouly that the Saudi Public Investment Fund (PIF) will invest $5 billion in Egypt as part of an initial phase, according to the Egyptian cabinet.

Egypt
Part of the meeting held between Egyptian Prime Minister Mostafa Madbouly and Crown Prince of Saudi Arabia and Prime Minister Mohammed bin Salman and officials from the two sides on Monday 16 September, 2024. Photo courtesy of Egyptian cabinet.

 

This meeting was held on Monday in Riyadh to address several economic issues of mutual interest.

The Egyptian side included Prime Minister Mostafa Madbouly, Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan ElKhatib, and Egypt's ambassador to Riyadh Ahmed Farouk.

The Saudi side comprised Foreign Minister Prince Faisal bin Farhan, Minister of State Essam bin Saeed, Commerce Minister Majid Al-Qasabi, Investment Minister Khaled Al-Falih, Finance Minister Mohammed Al-Jadaan, Public Investment Fund Governor Yasir Al-Rumayyan, and Saudi ambassador to Egypt Saleh Al-Hussaini.

According to the Egyptian cabinet, Prime Minister Mostafa Madbouly conveyed President Abdel-Fattah El-Sisi’s greetings to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, highlighting the strong ties between Egypt and Saudi Arabia and the camaraderie between their peoples.

Madbouly commended Saudi Arabia's progress under Vision 2030, noting the significant advancements in urban development and economic diversification.

He praised Crown Prince Mohammed bin Salman for his pivotal role in the kingdom's transformation and advancing Arab causes.

The prime minister noted that his visit, accompanied by a ministerial delegation, aims to enhance economic relations between the two nations.

He expressed satisfaction with the technical aspects of the Egypt-Saudi investment protection and promotion agreement, highlighting the resolution of most challenges Saudi investors face in Egypt with only 14 remaining disputes expected to be settled soon.

Madbouly outlined Egypt’s efforts to secure resources for the electricity sector and expand renewable energy sources, including plans for an electricity grid interconnection with Saudi Arabia by next summer.

He praised the collaboration between the Egyptian government and Saudi company ACWA Power, a leading producer of renewable energy and desalinated water at minimal cost.

The prime minister addressed regional crises and their impact on Egypt, particularly Red Sea maritime security and the increasing influx of migrants and refugees, highlighting the alignment of Egyptian and Saudi vision on these regional issues.

For his part, Crown Prince Mohammed bin Salman expressed his eagerness to visit Egypt and meet President El-Sisi soon.

He discussed Saudi Arabia’s efforts to implement Vision 2030 and praised the contributions of Egyptian workers to the kingdom’s development, anticipating an increase in their numbers.

The Crown Prince also mentioned his anticipation for the first meeting of the Saudi-Egyptian Coordination Council in October, pending coordination between both sides.

He acknowledged Egypt's efforts to address Saudi investor concerns, underscoring the importance of resolving remaining commercial disputes to encourage further Saudi investments in Egypt.

Bin Salman highlighted the importance of the electricity grid interconnection and expressed hope for additional support for companies involved in renewable energy in Egypt.

The Saudi prince discussed Saudi Arabia's cooperation with Egypt to tackle regional crises, including the wars in Gaza and Yemen, and ensure Red Sea maritime security.

He reaffirmed the alignment of views on these issues and supported Egypt's efforts to achieve a ceasefire in Gaza.

Earlier on Monday, during a meeting with representatives of the Saudi private sector, Madbouly stated that the soon-to-finalize agreement to protect and promote Saudi investments is a significant step towards enhancing stability and confidence in the Egyptian market.

Investment Minister Khaled Al-Falih also highlighted that Egypt is one of Saudi Arabia's key strategic partners, revealing that trade between the two countries exceeded $124 billion in 2022 and 2023.

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