Egypt's Prime Minister In Saudi Arabia For Talks On Cooperation, Regional Issues
Date
9/15/2024 2:09:08 PM
(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly landed in Riyadh, Saudi Arabia, on Sunday for an official visit. He is accompanied by Finance Minister Ahmed Kouchouk and investment and Foreign Trade Minister Hassan El-Khatib.
The visit, according to Mohamed El-Homsani, the official spokesperson for the Cabinet, highlights the close relationship and shared interests between the two countries. It comes amid a period of growing cooperation, with both Egypt and Saudi Arabia seeking to strengthen their strategic partnership and address regional challenges.
The Prime Minister's delegation will meet with senior Saudi officials to discuss avenues for joint cooperation and explore opportunities for shared investment projects.
Recent data from the Central Bank of Egypt (CBE) shows that Saudi deposits at the CBE have reached $10.3bn. This includes $5bn in short-term deposits renewed annually and $5.3bn in medium-term deposits maturing in October 2026.
According to figures from the Central Agency for Public Mobilization and Statistics (CAPMAS), Saudi private-sector investments in Egypt exceed $35bn across 7,000 companies. Trade between the two countries stands at $7.9 billion, with $2.7bn in Egyptian exports to Saudi Arabia and $5.2bn in Saudi exports to Egypt, according to the Egyptian-Saudi Business Council. Egyptian investments in Saudi Arabia total $2.5bn.
Last week, Saudi Foreign Minister Prince Faisal bin Farhan emphasized the importance of cooperation between Saudi Arabia and Egypt for regional security during a joint press conference with Egyptian Foreign Minister Badr Abdelatty.“We have a genuine desire to deepen relations and partnerships with Egypt,” Prince Faisal said.
The two sides discussed several key areas of economic cooperation between Egypt and Saudi Arabia.“We have a genuine desire to deepen relations and partnerships with Egypt,” Prince Faisal said.
Abdelatty also highlighted the importance of strengthening bilateral ties between Egypt and Saudi Arabia. He noted that both sides are working to establish a joint Egyptian-Saudi Supreme Coordination Council, to be chaired by Egyptian President Abdel Fattah Al-Sisi and Saudi Crown Prince Mohammed bin Salman.
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