Egypt, Saudi Arabia sign economic agreements worth $7.7 billion
Saudi Arabia intends to invest about $8 billion in various economic sectors in Egypt, which will ease the Egyptian economy's wheels amid the global crisis.
CAIRO — On the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to Egypt, the two countries signed 14 agreements and memoranda of understandings worth $7.7 billion.
While investment groups represented Saudi Arabia, governmental and private agencies represented Egypt.
The signed agreements cover several sectors, including petroleum, renewable energy, green hydrogen, information technology, e-commerce, pharmaceuticals, infrastructure and cybersecurity.
Medhat al-Sharif, a former member of the parliament’s economic committee, told Al-Monitor that the global economy is currently grappling with uncertainty due to potential investment risks. The greater need for self-sufficiency has promoted "regional alliances aimed at achieving economic integration between countries, especially in basic sectors affecting life necessities such as food,” he added.
