CAIRO, 16 October 2024 — Egyptian President Abdel Fattah El-Sisi officially welcomed Saudi Crown Prince and Prime Minister Mohammed bin Salman at Cairo International Airport on Tuesday. Following the reception, discussions commenced at Al-Ittihadiya Palace, focusing on strengthening economic ties between the two nations.
The visit comes as Crown Prince bin Salman previously announced that Saudi Arabia’s Public Investment Fund (PIF) would invest $5 billion in Egypt, a move aimed at enhancing economic collaboration. Currently, Saudi investments in Egypt total approximately $30 billion, with plans for expansion across various sectors, including a significant electricity linkage project.
According to the Central Bank of Egypt, Saudi Arabia’s long-term deposits in the country stood at $5.3 billion as of December 31, 2023, underscoring the robust financial partnership between the two nations.
