Saudi Crown Prince Mohammed bin Salman announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday.
The announcement was made as part of a broader effort to bolster economic ties between the two countries.
Madbouly, who conveyed greetings from Egyptian President Abdel Fattah Al-Sisi to King Salman bin Abdulaziz and the Crown Prince, praised the strong relationship between Cairo and Riyadh.
“We are currently working on finalising the agreement on the protection of joint investments, which will contribute to increasing investments between the two countries,” Madbouly said. “A significant number of Egyptian investment companies operate in Saudi Arabia, in addition to Saudi investments in Egypt.”
Madbouly commended the progress made in Saudi Arabia under Vision 2030, describing the country’s development as unprecedented. He also highlighted the Crown Prince’s crucial role in driving this development and serving the interests of the Arab nation.
