CAIRO: Saudi Arabian and Egyptian companies signed agreements worth a total of US$7.7 billion (RM33.9 billion) during a visit to Cairo by the Saudi crown prince, state media in both countries said.
The deals were related to “infrastructure, logistical services, port management, agri-foods, the pharmaceutical industry, fossil fuels and renewable energy, and cybersecurity” and were worth US$7.7 billion, Egyptian daily Al-Ahram said.
“Fourteen investment agreements worth more than 29 billion riyals (RM33.9 billion) were signed between a group of leading Saudi companies in various economic activities and several Egyptian companies and authorities,” Saudi state-run Arabic news and current affairs satellite TV channel Al-Ekhbariya said on Twitter.
The Saudi investment ministry said the agreements aimed to “enhance investment and economic cooperation between the two countries”.
Trade between Egypt and the kingdom leapt more than 62% last year compared with 2020, reaching US$9.1 billion, according to official Egyptian figures.
Egyptians working in Saudi Arabia are an important source of foreign currency, with transfers worth more than US$11 billion in the 2020-2021 financial year, up more than 17% compared with the previous year.
Egypt, which is struggling with inflation, huge infrastructure spending bills and a currency devaluation, is in talks with the International Monetary Fund for a new loan.
The Arab world’s most populous country, Egypt has a state budget of around US$160 billion and is grappling with public debt reaching around 90% of gross domestic product.
Saudi Crown Prince Mohammed bin Salman began a two-day visit to Egypt on Monday evening, kicking off a regional tour extending to Jordan and Turkey.
The trip comes weeks ahead of a visit to Saudi Arabia by US President Joe Biden, whose administration has lately sought to repair ties with Riyadh.
Prince Mohammed, Saudi Arabia's de facto leader, arrived in Amman last evening, on his first trip to Jordan since being named the heir to the throne in 2017.
He was set to discuss “ways of strengthening bilateral cooperation in all areas, as well as regional and international developments” with King Abdullah II, an official Jordanian source said. – AFP
