Saudi Arabia to Inject $5 Billion into Egypt as First Phase of Investment
By Innocent Eneta,
In a major move to strengthen economic ties, Saudi Arabia has announced an initial investment of five billion U.S. dollars into Egypt. The investment, which is being channelled through the Saudi Public Investment Fund (PIF), was confirmed by the Egyptian cabinet in a statement.
The directive for this substantial investment came from Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud, following his meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh.
During the discussions, Crown Prince Mohammed bin Salman praised Egypt’s ongoing efforts to address the concerns of Saudi investors. He also underscored the importance of resolving remaining trade disputes in order to attract further investment into the country.
The crown prince remarked, “Egypt has shown a commitment to facilitating the business environment for Saudi investors, which is crucial for fostering more substantial economic cooperation between our nations.”
Prime Minister Madbouly, in response, assured that Egypt had already resolved the majority of challenges faced by Saudi investors, with only 14 disputes yet to be settled. He expressed confidence that these issues would be resolved in due course, further enhancing the investment climate in Egypt.
“We have taken significant steps to clear the path for Saudi investments, and we will continue to work diligently to resolve the remaining challenges,” Madbouly stated.
The Saudi Public Investment Fund, established in 1971, has grown into one of the world’s largest sovereign wealth funds. It plays a pivotal role in diversifying Saudi Arabia’s economy and promoting investments in key sectors globally.
This latest move by the PIF to invest in Egypt marks a significant boost to the economic partnership between the two nations, as both countries seek to deepen their ties and foster regional stability through economic cooperation.
