Photo Source: AGBI
Saudi Arabia has signed investment agreements worth USD 15 billion with Egypt. The deals, announced after a meeting between Egypt’s President Abdel Fattah Al-Sisi and Saudi Crown Prince Mohammed bin Salman, will target crucial sectors such as renewable energy, real estate, tourism, and technology.
One significant project is the long-awaited Egypt-Saudi electricity interconnection, which is set to enhance energy cooperation between the two countries.
The agreements are part of a broader strategy by both nations to boost economic growth. The investments in tourism and real estate aim to support Egypt’s Vision 2030 goals, focusing on sustainable development and job creation.
Additionally, cooperation in renewable energy aligns with Saudi Arabia’s own ambitious Vision 2030 program, which seeks to diversify its economy away from oil reliance.
These announcements reinforce the shared economic vision between Egypt and Saudi Arabia, promising enhanced collaboration that could have a lasting impact on the Middle East’s economic landscape.
In addition to recent investments, Egypt and Saudi Arabia have been expanding their cooperation in areas such as renewable energy, technology, and cultural exchange. For instance, they are working closely on green hydrogen projects, with a USD 4 billion deal in place to develop clean energy solutions.
The two countries have also been collaborating in the education and healthcare sectors, with plans to launch initiatives to boost knowledge sharing and joint ventures in these fields. Cultural cooperation has also grown, with the nations hosting joint events and exhibitions aimed at deepening people-to-people ties.
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