The Crown Prince of Saudi Arabia met with Egyptian Prime Minister Mostafa Madbouly to explore available investment opportunities between both countries in the fields of industry, agriculture, and renewable energy, according to a statement issued by the spokesperson for the Egyptian Cabinet Mohamed al-Homsani.

During the meeting, the Saudi Prince ordered the injection of five billion dollars in investments into Egypt as a first phase.

A significant portion of the meeting focused on ways to attract and facilitate investments, and to work on removing any obstacles to Saudi investments in Egypt.

The most prominent investment areas discussed in the meeting were manufacturing in the food security field and localizing the automotive industry – especially electric vehicles – cooperation in renewable energy generation, in addition to other areas such as urban development and city building.

Deposits into investments

The Saudi Minister of Investment on Sunday hailed efforts made by the Egyptian government to resolve the problems of Saudi investors operating in Egypt, saying: “As the Ministry of Investment, we conducted a census of Saudi investments abroad, and we found that Egypt is among the top five countries with Saudi investments outside its borders. Therefore, one of my tasks is to support the Saudi investors and provide protection for them, especially in brotherly countries like Egypt.”

He indicated that there is a tendency on the Saudi side to convert deposits into investments by the Public Investment Fund (PIF) – especially given that the fund’s investment experience in Egypt has been positive in a number of projects.

Once the meeting concluded, the Saudi Minister of Investment confirmed that arrangements are underway for a number of future meetings for the Prime Minister and his accompanying delegation with a number of Saudi investors.