During the recent visit of Saudi Crown Prince Mohammed bin Salman vi to Egypt, the two countries entered into 14 agreements and MOUs worth $7.7 billion.
During the recent visit of Saudi Crown Prince Mohammed bin Salman vi to Egypt, the two countries entered into 14 agreements and MOUs worth $7.7 billion.
The agreements cover several core sectors, including petroleum, renewable energy, green hydrogen, information technology, e-commerce, pharmaceuticals, infrastructure and cybersecurity.
The important agreements signed between Egypt and Saudi Arabia include an agreement between the Saudi Ajlan & Bros Holding Co. and the Egyptian Arab Supply Chain Group Co. to build the Egypt Center for Petroleum and Petroleum Products Storage, ACWA Power and the Egyptian Electricity Holding to produce and generate 1,100 megawatts of clean energy, and also agreement between Ajlan & Bros Holding Co. with the Egyptian Sami Saad Holding Group for renewable energy and water desalination.
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Political experts point out that Saudi investments are expected to achieve important economic returns for Egypt, in terms of new enterprises, employment generation etc. According to the Federation of Saudi Chambers, the bilateral trade between the two countries stood at US $14 billion while currently Saudi investments in Egypt exceed $32 billion and involve more than 6,800 Saudi companies. Egypt is Saudi Arabia’s largest Arab trading partner, seventh overall in terms of exports, and ninth in terms of imports.
