Tuesday’s meeting between Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdelfattah al-Sisi in Cairo focused on regional de-escalation and covered $5 billion in new Saudi investments. According to Sisi’s administration, both leaders called for ceasefires in Gaza and Lebanon, expressing worries over prolonged regional violence associated with the Palestinian issue.
The decision to strengthen mutual investments and the establishment of a Saudi-Egyptian coordination committee were among the outcomes of the conference. They talked on “regional security and stability” prior of Prince Mohammed’s journey to Brussels for an EU-Gulf summit, according to the Saudi Press Agency.
In light of Egypt’s economic difficulties, the crown prince proposed a $5 billion investment in Egypt last month, indicating the kingdom’s support for Egypt’s privatisation initiatives. Mostafa Madbouly, the prime minister, hinted at impending statements about the privatisation of banks and airports.
As Cairo battles a serious economic crisis, Saudi investments are essential to Egypt’s economic recovery and complement larger backing from the UAE and international organisations. Concerns about transparency and initiatives to enhance Egypt’s investment climate have caused development to be sluggish despite recent investment pledges.
