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Saudi Arabia, Egypt sign 14 agreements worth $7.7 billion

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Saudi Arabia and Egypt have signed 14 agreements worth $7.7 billion, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday.

Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Egypt on Monday as part of a tour that will include visiting Jordan and Turkey.

Deals signed included an agreement between Saudi Arabia’s Acwapower and the Egyptian Electricity Holding Company to produce and transmit 1100 MW of windpower, the authority’s statement said.

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More renewable energy agreements were signed, as well as deals involving petroleum products, food and fintech.

Other deals involved the development of the multi-purpose terminal at Egypt’s Damietta port, the authority’s statement said, and the establishment of a $150 million “pharmaceutical city” by Egypt’s Pharco Pharmaceuticals in Saudi Arabia, the company’s chairman told al-Sharq TV.

There are currently more than 150 bilateral agreements between the two countries, according to the Federation of Saudi Chambers.

In 2021, the size of commercial trade between Egypt and Saudi Arabia reached 54 billion SAR ($14 billion), recording a growth of 87 percent compared with 2020.

Saudi investments in Egypt through more than 6,800 Saudi companies exceed $32 billion while Egyptian investments in Saudi Arabia through more than 800 Egyptian companies are worth $5 billion.

The Crown Prince’s visit to Egypt is the fourth visit he makes to the country in the past five years.

With Reuters

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