CAIRO, 16 October 2024 — Egypt and Saudi Arabia have formalized two significant agreements aimed at enhancing bilateral cooperation. President Abdel Fattah El-Sisi and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud witnessed the signing of an accord to establish a supreme Egyptian-Saudi coordination council and an agreement to encourage and protect mutual investments during their meeting in Cairo.
The newly formed coordination council, co-chaired by El-Sisi and bin Salman, is designed to oversee various aspects of bilateral relations and ensure their ongoing development. The discussions held at Al-Ittihadiya Palace emphasized the importance of strengthening economic partnerships, particularly in investment, trade, energy, transportation, and tourism.
El-Sisi highlighted the mutual commitment of both nations to enhance their historical ties through institutional mechanisms, while the Saudi crown prince conveyed greetings from King Salman, reaffirming Saudi Arabia’s dedication to fostering strong relations with Egypt.
Bin Salman’s visit comes amidst significant regional tensions but also presents substantial investment opportunities. Last month, he announced that the Saudi Public Investment Fund (PIF) would invest $5 billion in Egypt as part of an initial phase of collaboration.
The two leaders also addressed urgent regional issues, calling for de-escalation in Gaza and Lebanon and emphasizing the need for a ceasefire to alleviate worsening humanitarian conditions. They underscored the importance of respecting Lebanon’s sovereignty and the necessity of establishing a sovereign Palestinian state as a means to achieve lasting peace and stability in the region.
Their discussions also covered broader regional security concerns, including situations in Sudan, Libya, and Syria, reflecting the strategic importance of Egyptian-Saudi cooperation amid ongoing challenges.
