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Crown Prince and Prime Minister Mohammed bin Salman met with Egyptian President Abdel Fattah El Sisi in Cairo yesterday, where they oversaw the signing of two agreements focused on streamlining mutual investments and providing investment guarantees, according to separate statements from both sides (here, and here). Bloomberg also had the story. While the investment timeline and sectors remain undefined, discussions centered on the potential focus areas of energy, transportation, and tourism.
Key outcomes: One of the agreements will see the launch of a Saudi-Egyptian Supreme Coordination Council which will be co-chaired by the two leaders, while the other is focused on the Promotion and Mutual Protection of Investments. The formation of the council was approved by the Council of Ministers last month, following Egyptian Prime Minister Moustafa Madbouly’s meeting with the Crown Prince to discuss facilitating Saudi investments in Egypt. The Crown Prince had directed the Public Investment Fund at the time to invest USD 5 bn in Egypt.
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Also on the agenda: The two leaders also addressed regional tensions, including the conflicts in Gaza and Lebanon. Both agreed on the need for an immediate ceasefire and reaffirmed their support for Palestinian statehood, emphasizing that this is essential to achieving long-term regional peace. They also reiterated the importance of respecting Lebanon’s sovereignty.
