Prince Mohammed bin Saad, deputy governor of Riyadh, second left, shakes hands with Egyptian President Mohammed Morsi, right, upon his arrival to attend the third session of the Arab Economic Summit, in Riyadh, Saudi Arabia, Monday, Jan. 21, 2013. Saudi Arabia is hosting the Arab Economic Summit on January 21 and 22 (Photo: AP)
Egyptian President Mohamed Morsi flew into Riyadh's International King Abdul Aziz Airport on Monday to attend the third round of the Arab Economic Forum for Development.
Approximately 20 Arab countries are participating in the event, which will focus on prospects for economic development in the Middle East and regional economic integration.
"The forum hopes to set up regional goals for Arab countries, including the welfare of the Arab citizen, and stress the importance of inter-regional investment," according to a Monday press release issued by Saudi Arabia's foreign affairs ministry.
In a statement issued in advance of the forum, Morsi stressed that Egypt-Saudi political and economic relations were "unparalleled." He added that the oil-rich kingdom continued to represent the largest investor in the Egyptian economy.
At a meeting with the Egyptian-Saudi Businessmen's Association on Monday morning, the Egyptian president invited Saudi entrepreneurs to take advantage of the numerous investment opportunities in Egypt's industrial and agricultural sectors.
He also said that he planned to discuss proposals for a $3 billion bridge project linking Saudi to Egypt.
Morsi is currently leading the forum's Egyptian delegation. The visit comes within the context of the Egyptian presidency's long-term goal of bolstering Arab economic cooperation.