Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, arrived today in Egypt, where he met President Abdel Fattah El-Sisi.
The two leaders discussed ways to strengthen fraternal relations, and other issues of common interest.
Mohammed bin Salman was received at the airport by El-Sisi, who accompanied him to the Al-Ittihadiya Palace in Cairo, where an official reception ceremony was held in his honour.
The meeting comes a few days after Egyptian Minister of Investment and Foreign Trade Eng. Hassan Al-Khatib and Saudi General Authority of Foreign Trade Undersecretary for International Relations, Abdulaziz bin Omar Al-Sakran, met in Cairo on the sidelines of a meeting of the technical follow-up team of the Saudi-Egyptian Joint Committee on October 9 and 10.
The Egyptian minister commended strong relations between the two countries.
Trade and investment are likely to be among the key discussion points between the Saudi Arabian Crown Prince and the Egyptian President.
The visit comes amid speculation about potential Saudi investments in Egypt, which has received a major influx of external financing this year including a record $35 billion deal with UAE sovereign fund ADQ.
Egypt’s prime minister said last month that Saudi Arabia was planning to invest $5 billion in Egypt, independently from funds the Gulf state has deposited in the Egyptian central bank.
Egypt’s debt falls
Egypt’s external debt has decreased by over $15 billion in just six months, a testament to the government’s reform initiatives, Prime Minister Mostafa Madbouly said earlier this month.
During a discussion with several leading intellectuals on urgent national and international matters, Madbouly shared that Egypt’s external debt stood at $168 billion in December 2023 but fell to $152.8 billion by last June.
He also emphasized the government’s commitment to managing inflation, aiming for rates below 10 percent by the end of 2025.
Earlier this year, Madbouly said the country is aiming to touch $100 billion in exports by 2030, with the main focus on enhancing industrialization and boosting investments.
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