Egypt s President Abdel-Fattah El-Sisi and Saudi Arabia s Crown Prince Mohamed bin Salman in their meeting in Cairo on Tuesday. Photo: Egyptian Presidency
The statement from El-Sisi came following his meeting in Cairo with Saudi Arabia’s Crown Prince Mohamed bin Salman.
Cairo is the first stop for Prince bin Salman in a regional tour that includes also Jordan and Turkey.
According to the Egyptian presidency, El-Sisi and bin Salman also discussed the latest developments regionally and internationally, with both sides having a mutual understanding about continuing joint efforts to face the dangers threatening the security and stability of the region.
In a joint statement issued following the meeting, Egypt and Saudi Arabia emphasised the necessity of supporting international efforts to stop Iran from developing nuclear weapons and to ensure the peaceful nature of Iran's nuclear program. They also highlighted the importance of boosting the role of the International Atomic Energy Agency (IAEA) as well as safekeep the Treaty on the Non-Proliferation of Nuclear Weapons (NPT).
Both Egypt and Saudi Arabia reiterated their support for efforts to make the Middle East a nuclear weapons and weapons of mass destruction free zone in a way that contributes to achieving international and regional stability.
They also support the efforts to encourage Iran to commit to the principles of non-interfere in the Arab states’ affairs and refrain from all destabilising activities in the region including supporting armed militias and threatening maritime navigation.
According to the joint statement, both leaders also discussed other developments in Palestine, Syria, Libya, Yemen, Iraq, Lebanon and Sudan.
The two leaders also discussed the upcoming Gulf Cooperation Council +3 Summit which will be chaired by Saudi Arabia and will run from 15 to 16 June
The summit will host the heads of state of the GCC countries, the leaders of Egypt, Jordan and Iraq, as well as US President Joe Biden, who will be making his first tour in the Middle East by visiting Saudi Arabia, Israel, and the West Bank.
Regarding the Grand Ethiopian Renaissance Dam (GERD), Saudi Arabia reiterated its full support to the Egyptian water security as a part of Arab water security, encouraging Ethiopia not to take any unilateral actions regarding the filling and operation of the dam. They also called for Ethiopia to agree to a legally binding agreement with Egypt and Sudan in accordance with the UN Security Council’s presidential statement issued in September 2021.
Saudi Arabia also announced in the joint statement it supports Egypt in hosting the upcoming UN Conference on Climate Change (COP27), which will be held in Sharm El-Sheikh in November. Egypt and Saudi Arabia also agreed to hold a Green Middle East Initiative summit and Saudi Arabia’s green initiative forum during the COP27.
During the talks, the Saudi crown prince praised Egypt’s vital role as a main pillar of security and stability in the region.
Egyptian-Saudi Trade Relations
Earlier Tuesday, Egypt and Saudi Arabia signed 14 investment agreements worth $7.7 billion in several fields, including petroleum, renewable energy, green hydrogen, IT, e-commerce, pharmaceuticals, infrastructure and cyber security.
The signing comes on the side-lines of the two-day official visit of Saudi Arabia’s Crown Prince Mohammed bin Salman to Egypt that started on Monday night.
ver the past years, Egypt and Saudi have shared warm relations in the various political, economic, security and investment fields and have maintained continuous coordination on regional issues of concern.
The volume of trade exchange between the two countries reached about SAR 54 billion ($14.4 billion) in 2021 – its highest value in history – achieving a growth of 87 percent compared to 2020, according to a recent report issued by the Federation of Saudi Chambers.
Moreover, the volume of Saudi exports to the Egyptian market reached SAR 38.6 billion ($10.8 billion), and Egyptian imports to the Saudi market reached SAR 15.7 billion ($4.18 billion) – a record growth of 60 percent.
Furthermore, the volume of Saudi investments in Egypt amounts to more than $32 billion through more than 6,800 Saudi companies, according to the Saudi Press Agency.
During the current global crisis, Saudi Arabia has deposited $5 billion in the Central Bank of Egypt (CBE), and the kingdom is expected to invest further in the country.
Moreover, prior to the war, Saudi Arabia deposited $3 billion in the CBE and extended the maturity of other deposits worth $2.3 billion that will now be paid in October 2026.