Saudi Arabia Pledges $5 Billion Investment in Egypt

Saudi Crown Prince Mohammed bin Salman has instructed the Saudi Public Investment Fund to invest $5 billion in Egypt. This investment is termed as the 'first stage', following a meeting between Egyptian Prime Minister Mostafa Madbouly and the crown prince in Riyadh. Details on the investment stages are still pending.

Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund to inject $5 billion into Egypt, as announced by the Egyptian cabinet on Monday. This marks the 'first stage' of investments post a significant meeting between Egyptian Prime Minister Mostafa Madbouly and the crown prince in Riyadh.

However, specifics about the timeline, type of investments, or the number of stages involved were not disclosed in the statement. The direction underscores a strengthening of bilateral relations between the two nations.

In a related development, the Saudi Egyptian Investment Company (SEIC), established in 2022 as a wholly-owned subsidiary of the PIF, solidifies the ongoing financial commitments Saudi Arabia has made to Egypt. As of December 31, 2023, Saudi Arabia had long-term deposits worth $5.3 billion in Egypt's Central Bank, further indicating a deep economic partnership.

(With inputs from agencies.)