Saudi Arabia and Egypt Agree to Expand Economic Partnership

Saudi Arabia’s Crown Prince Mohammed bin Salman and Egypt’s President Abdel Fattah al-Sisi have agreed to enhance trade and investment cooperation between the two countries. This agreement was reached during talks in Cairo this week. According to Egypt’s presidency, bin Salman and al-Sisi also signed an agreement to encourage and protect mutual investments between both countries. Furthermore, they signed an accord to establish a supreme coordination council to strengthen economic ties. This development follows speculation that Saudi Arabia has plans to invest in Egypt, which is currently battling a long-running economic crisis that includes record inflation, a ballooning debt burden, and sharp currency devaluations. Last month, Egypt’s prime minister stated that Saudi Arabia was planning to invest $5 billion in Egypt. The two leaders also discussed regional events and called for ceasefires in Gaza and Lebanon.

SOURCE: REUTERS