KEY POINTS
- Saudi Crown Prince Mohammed bin Salman held talks with Egypt’s President Abdel Fattah el-Sisi in Cairo, focusing on regional crises and economic investments.
- The discussions aimed at bolstering economic ties and addressing ongoing challenges in the Middle East.
- Both nations reaffirmed their commitment to promoting stability and economic growth in the region.
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Cairo this week to meet with Egypt’s President Abdel Fattah el-Sisi at the highest level. The talks focused on the development of cooperation in the sphere of investments and the solution of the most acute problems of the region, such as the conflicts in the Middle East.
The meeting is particularly important at the moment as both countries are interested in enhancing their economic relations and becoming active participants in the stabilization of the situation in the region.
The two countries have been enjoying diplomatic and economic relations for a long time, and this latest visit is a sign of their desire to strengthen the relations.
Strengthening economic ties
One of the main topics of the conversation was devoted to the economic cooperation in terms of investments between the two states. Saudi Arabia has remained one of the largest sources of FDI to Egypt with more than billions invested in infrastructure, energy and industrial development.
In the course of the meeting, both leaders agreed on the desire to deepen the economic cooperation, as underlined by the Crown Prince, these investments are crucial for the region’s economic sustainability.
Reuters reported that the Crown Prince discussed with President Sisi how to diversify the cooperation between the two countries in the spheres of renewable energy, technologies, and tourism.
Egypt, one of the most affected Arab countries economically recently, believes that Saudi investments are a panacea for the country’s development.
Saudi Arabia under its vision 2030 which seeks to reduce the kingdom’s dependence on oil has placed the country at the center of the development of cross-border investments.
The Saudi Arabia in the eyes of becoming a leading economic power in the region it requires help from Egypt to fulfill its development goals.
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Cairo this week to meet with Egypt’s President Abdel Fattah el-Sisi at the highest level.
The talks focused on the development of cooperation in the sphere of investments and the solution of the most acute problems of the region, such as the conflicts in the Middle East.
The meeting is particularly important at the moment as both countries are interested in enhancing their economic relations and becoming active participants in the stabilization of the situation in the region.
The two countries have been enjoying diplomatic and economic relations for a long time, and this latest visit is a sign of their desire to strengthen the relations.
Strengthening economic ties
One of the main topics of the conversation was devoted to the economic cooperation in terms of investments between the two states. The Saudi’s have been among the largest investment partners with Egypt; over the years, billions of dollars have been invested in infrastructure, energy and industrial sectors amongst others.
In the course of the meeting, both leaders agreed on the desire to deepen the economic cooperation, as underlined by the Crown Prince, these investments are crucial for the region’s economic sustainability.
Reuters reported that the Crown Prince discussed with President Sisi how to diversify the cooperation between the two countries in the spheres of renewable energy, technologies, and tourism.
Egypt, the other Arab country that experienced a backlog of or even worse challenges in the past years regards Saudi investments as an engine for its economic revival.
Saudi Arabia’s Vision 2030 that designed to reduce the dependence of the kingdom’s economy on the hydrocarbon sector has made the nation one of the key promoters of the FDI.
Therefore, through cooperating with Egypt Saudi Arabia aims for more solidifying the status of a regional economic giant while contributing to the reach of goals set by Egypt.
The common goal of economic empowerment
However, the leaders concluded their meetings on an optimistic tone, with the optimism of the future of their cooperation at the regional level.
This is because both nations are bullish for the economic growth and peace in the Middle East region thus their relation will be crucial in determining the future of the Middle East.
Currently as the Crown Prince Mohammed bin Salman forms new relations across the region economic and political power of Saudi Arabia is rising. Egypt itself as a strategic partner retains a significant importance of these efforts within this partnership to succeed.
Thus, the prospects for the development of the cooperation between Saudi Arabia and Egypt both in regional and economic aspects are very favorable in the nearest future
