President Sisi, Saudi FM discuss bilateral cooperation in Cairo

Ahram Online , Sunday 4 Sep 2022

President Abdel-Fattah El-Sisi discussed with Saudi Foreign Minister Prince Faisal bin Farhan bilateral cooperation and a number of regional and international issues of common interest in a meeting in Cairo on Sunday, presidential spokesman Bassam Rady said.

President Abdel-Fattah El-Sisi received on Sunday, Saudi Foreign Minister Prince Faisal bin in Cairo (Photo Courtesy: Official Facebook Page of the Spokesman of the Egyptian Presidency)


During the meeting, El-Sisi asserted the “specialness” of Egyptian-Saudi relations, which he said represent a pillar of stability for the entire Arab region, particularly in light of the challenges that Arab countries are facing.

The meeting was attended by Egyptian Foreign Minister Sameh Shoukry and Saudi Ambassador in Cairo Osama Naqli.

For his part, the Saudi FM said his country is keen to strengthen the strategic cooperation between the two countries on various levels and to continue the joint work and intensive coordination with Egypt on various regional and international issues.

Saudi Arabia has recently announced it was increasing its investments in Egypt with the aim of supporting the Egyptian economy against the harsh impacts of the Russian-Ukrainian war.

The recently-established Saudi Egyptian Investment Company (SEIC), which is owned by Saudi Arabia's Public Investment Fund (PIF), has acquired minority stakes in four Egyptian state-owned companies in a deal worth $1.3 billion, the Sovereign Fund of Egypt (TSFE) announced in August.

Moreover, Egypt and Saudi Arabia signed in June 14 investment agreements worth $7.7 billion that cover several areas, including petroleum, renewable energy, green hydrogen, IT, e-commerce, pharmaceuticals, infrastructure, and cyber security.

The signing was made on the sidelines of a two-day official visit by Saudi Arabia’s Crown Prince Mohammed bin Salman to Egypt.

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.

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