– Saudi Crown Prince Mohammed bin Salman announced a $5 billion investment in Egypt via the Public Investment Fund (PIF) during talks with Egyptian Prime Minister Mostafa Madbouly in Riyadh, aiming to strengthen bilateral economic ties.

– Prime Minister Madbouly emphasized the importance of leveraging the African Continental Free Trade Area to expand the presence of Egyptian and Saudi products in African markets, with a particular focus on the automotive sector.

– Both countries discussed boosting industrial integration and resolving investment challenges, with Madbouly committing to address issues faced by Saudi investors in Egypt within the next two to three months.

Saudi Crown Prince Mohammed bin Salman announced a $5 billion investment in Egypt through the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh.

Prime Minister Madbouly highlighted ongoing efforts to finalize an agreement that would protect joint investments, aiming to boost economic collaboration between the two nations. He noted the significant presence of Egyptian investment companies in Saudi Arabia, as well as Saudi investments in Egypt.

This announcement is part of a broader strategy to strengthen economic ties. Madbouly praised Saudi Arabia’s progress under Vision 2030, describing it as unprecedented, and acknowledged the Crown Prince’s pivotal role in advancing development across the region.

Madbouly also emphasized the importance of leveraging the African Continental Free Trade Area to expand the reach of Egyptian and Saudi products into African markets. Cooperation in the automotive sector was highlighted, given Saudi Arabia’s advancements in this area and Egypt’s incentives for the industry.

“Egyptian products have already made successful inroads into African markets,” Madbouly remarked, expressing confidence that through collaboration, Egypt and Saudi Arabia could achieve strategic objectives in the region within the next three years.

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef stressed the need for deeper industrial integration between Egypt and Saudi Arabia, citing Egypt as a key partner under Saudi Arabia’s industrial strategy launched in 2023.

During the visit, both sides explored ways to resolve challenges faced by Saudi investors in Egypt, with Madbouly committing to addressing outstanding issues within two to three months. The Crown Prince reiterated his support for expanding the power grid connection between Egypt and Saudi Arabia and encouraged further investment in Egypt’s renewable energy sector.

The $5 billion investment from the PIF is seen as the first step in a broader cooperation framework, with plans for a joint coordinating council meeting in October.