– The visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister of the Arab Republic of Egypt, is part of his desire – God bless him – to strengthen the Kingdom’s relations with the Arab countries. , as well as reaffirming the importance of the role of the Kingdom and the depth it makes strategically in the regional and Arabian oceans.
Visit #Crown to the republic #Egypt Al Arabiya is the fourth visit to Egypt in the last five years, in contrast to His Highness’ informal meetings with Egyptian President Abdel-Fattah El-Sisi, which reflects His Highness’ special interest in Egypt, as well as a clear and special rapprochement between the leadership of the two countries.#Mohammed_bin_Salman_in_Egypt rice.twitter.com/n59sPvKOhT
– Al Madina Newspaper (@Almadinanews) June 20, 2022
– His Highness the Crown Prince’s visit to the Arab Republic of Egypt is the fourth visit to Egypt in the past five years, in addition to the informal meetings that His Highness had with Egyptian President Abdel Fattah El-Sisi, reflecting the interest – God bless him – for Egypt , and a special and clear rapprochement between the leadership of the two countries.
– His Royal Highness Prince Mohammed bin Salman has a particular focus on Egypt, and this is a continuation of the Kingdom’s key role in supporting Egypt in various areas, as well as his interest in the security and stability of Egypt, which has manifested itself in many historical positions and continued Saudi political support for Egypt.
– Bilateral relations between the Kingdom and Egypt with the support and guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, his Crown Prince, HRH Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister, and their brother, Mr. President of the Arab Republic of Egypt Abdel Fattah Al-Sisi rose to the level of partnership. The strategy was through the creation of the Saudi-Egyptian Coordinating Council and the conclusion by the governments of the two countries of about 70 agreements, protocols and memorandums of understanding between their state institutions.
The Kingdom and Egypt have close economic relations, as can be seen from the State Investment Fund’s announcement of a $10 billion investment in cooperation with the Egyptian Sovereign Fund to expand trade exchanges between the two countries, and help expand its activities and investments to other countries by regional and international levels.
– The Kingdom and Egypt have growing trade relations, as the volume of trade exchange between the two countries over the past six years (2016-2021) amounted to 179 billion rials ($47.71 billion), and the volume of Saudi non-oil exports to Egypt increased by 6 .9% during 2021, amounting to 7.2 billion rials (1.9 billion US dollars).
– Egypt has a strategic geographic location, cheap labor and a population of 102.33 million in 2020, making it a strategic market in the region, as well as high tourism potential, making it an attractive investment market. in tourism, electricity and renewable energy, construction and real estate.
The Saudi private sector views the Egyptian market as a very important market for Saudi exports and investment. There are 6,285 Saudi companies in Egypt with over $30 billion worth of forms. In contrast, there are 274 Egyptian brands and more than 574 Egyptian companies in the Saudi markets.
The Saudi private sector views the Egyptian market as a very important market for exports and investment. #Saudi ArabiaThere are 6,285 Saudi companies in the country. #Egypt With forms in excess of $30 billion, the Saudi markets in turn are represented by 274 Egyptian brands and more than 574 Egyptian companies.#Mohammed_bin_Salman_in_Egypt rice.twitter.com/jpaIshvGgp
– Al Madina Newspaper (@Almadinanews) June 20, 2022
Saudi private sector direct investment in Egypt supports the Egyptian government’s efforts to diversify the economic base, reduce unemployment, and improve the balance of payments, as it is an important source of hard currency.
The Industrial Fund has contributed to the support and financing of 17 joint projects with Egypt worth more than 393 million rials, the medical industry and others.
– About a million Saudi citizens live in Egypt, which is the largest Saudi community abroad. Tourists from Saudi Arabia also prefer to spend their holidays in Egypt as they make up the largest percentage of Arab tourists in Egypt. On the other hand, there are about 1.7 of them. million Egyptian residents in the Kingdom, which strengthened the relationship of social relations between the two countries.
King Salman International University was founded in 2020 and is one of the outcomes of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud’s program to develop the Sinai Peninsula. As one of the fourth generation smart universities, it aims to provide a unique university experience that combines learning using the latest technology, applied experience, theoretical knowledge, community service and environmental development.
The Saudi-Egyptian power interconnection project, when it goes live, is expected to bring a number of common benefits to the two countries, including improving the reliability and stability of the national power grids and optimizing their existing generation capacity, allowing the two countries to achieve their ambitious renewable energy targets within the optimal mix of power generation and boost commercial power sharing.
ACWA Power implemented a project to develop, finance, build and operate the Kom Ombo solar photovoltaic plant with a generating capacity of 200 MW.
The Kingdom is at the forefront of countries supporting the Egyptian economy as it recently introduced a $5 billion deposit with the Egyptian Central Bank, which will help quickly support foreign liquidity in Egypt by supporting the Egyptian government’s negotiations with the International Monetary Fund, and ensuring the stability of the Egyptian exchange rate. pounds in the coming period.
The Kingdom is one of the main countries that supported the foreign exchange reserves of a number of countries during the Covid-19 pandemic, including the Arab Republic of Egypt, as it recently provided a deposit of 3 billion US dollars to the Central Bank of Egypt, in addition to the renewal of previous deposits of 2. 5 billion dollars.
Prepare #Kingdom One of the main countries that supported the gold and foreign exchange reserves of a number of countries during the pandemic #COVID-19 including the republic #Egypt An Arab bank that recently provided a US$3 billion deposit to the Central Bank of Egypt, in addition to rolling over previous US$2.5 billion deposits.#Mohammed_bin_Salman_in_Egypt rice.twitter.com/aMHpyfsxyZ
– Al Madina Newspaper (@Almadinanews) June 20, 2022
The Kingdom is helping to bolster Egypt’s development efforts through the support it provides through the Saudi Development Fund, where the fund’s contributions have reached 8,846.61 million rials for 32 projects in vital development and financing sectors, including road construction, power plant expansion. , desalination and water purification, as well as the establishment of hospitals and communities living in Egypt.