Egypt, Saudi Arabia sign 14 deals worth $7.7 billion

Agreements signed as crown prince Mohammed bin Salman begins first tour outside GCC in over 3 years



Egypt's President Abdel Fattah el-Sisi receiving Saudi Crown Prince Mohammed bin Salman at the presidential palace in the capital Cairo on June 21, 2022. Photo: AFP
Egypt's President Abdel Fattah el-Sisi receiving Saudi Crown Prince Mohammed bin Salman at the presidential palace in the capital Cairo on June 21, 2022. Photo: AFP

By WAM

Published: Wed 22 Jun 2022, 7:39 AM

Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, and Deputy Prime Minister.

The agreements were signed at the Public Authority for Investment's headquarters in Cairo, in the presence of a number of Saudi and Egyptian officials and investors.

The agreements include investment in several fields, such as infrastructure, renewable energy projects, green hydrogen, medicine and e-commerce. They also cover the sectors of infrastructure, logistics, port management, food industries, pharmaceutical industry, conventional energy, renewable energy, electronic payment system, and financial and information technology solutions.

An agreement for the executive programme for cooperation in the media field was also signed between the two countries, in order to enhance bilateral cooperation in the fields of press, radio, television, drama production and digital media.

Abdel Fattah el-Sisi, President of Egypt, received Prince Mohammed bin Salman. They discussed overall bilateral relations and ways to strengthen them across various fields, as well as regional and international political issues of common interest, within the framework of the deep and historical strategic partnership between the two countries, which aims to achieve security, stability, development and peace.

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