Saudi Arabia’s Crown Prince Mohammed bin Salman met with Egyptian President Abdel Fattah al-Sisi in Cairo on Tuesday. The meeting emphasized the need for regional de-escalation as Saudi Arabia prepares to invest $5 billion in Egypt.
The leaders reiterated their calls for ceasefires in both the Gaza Strip and Lebanon, warning that attempts to undermine the Palestinian cause would prolong regional conflict. Sisi’s office highlighted their shared concerns during the discussions.
A high-level Saudi-Egyptian coordination council was established during the meeting. They also signed an agreement aimed at encouraging and protecting mutual investments. This follows months of Egyptian efforts to attract Saudi investors.
Last month, the crown prince announced a directive for Saudi Arabia’s sovereign wealth fund to invest $5 billion in Egypt as an initial phase. The announcement was made through Egyptian Prime Minister Mostafa Madbouly’s office.
Madbouly hinted at a cabinet meeting this week that the government would soon reveal “important news” regarding the long-awaited privatization of banks and airports. This move aims to draw further investments.
Saudi investment is crucial to Egypt’s plans to privatize state assets amid its worst-ever economic crisis. The Egyptian pound has lost two-thirds of its value in the past two years, highlighting the severity of the situation.
Earlier this year, Egypt secured over $50 billion in loans and investment deals, including contributions from the International Monetary Fund, the World Bank, and the United Arab Emirates. Abu Dhabi alone pledged $35 billion for a land development project on Egypt’s Mediterranean coast.