Egyptian Prime Minister Visits Saudi Arabia to Discuss Collaboration and Regional Matters
On a sunny Sunday, Prime Minister Mostafa Madbouly of Egypt touched down in Riyadh, Saudi Arabia, for an official visit. Tagging along with him were Finance Minister Ahmed Kouchouk and Investment and Foreign Trade Minister Hassan El-Khatib.
Mohamed El-Homsani, the spokesperson for the Cabinet, remarked that the visit exemplifies the strong bond and mutual interests between Egypt and Saudi Arabia. As both nations navigate a time of heightened collaboration, they look to bolster their strategic alliance and tackle regional issues together.
While in Riyadh, Madbouly and his entourage are set to engage with senior Saudi dignitaries, brainstorming ways to enhance cooperation and seize investment opportunities.
Latest stats from the Central Bank of Egypt (CBE) reveal that Saudi deposits at the CBE are now at a hefty $10.3 billion. This includes $5 billion stashed in short-term deposits renewed annually and $5.3 billion in medium-term deposits maturing in October 2026.
CAPMAS figures underscore that Saudi private-sector investments in Egypt have surpassed $35 billion, spread over 7,000 enterprises. Trade volume between the two powerhouses stands at $7.9 billion, with Egyptian exports to Saudi Arabia accounting for $2.7 billion and Saudi exports to Egypt totaling $5.2 billion, as reported by the Egyptian-Saudi Business Council. Egyptian investments in Saudi Arabia amount to $2.5 billion.
Just last week, during a joint press session with Egyptian Foreign Minister Badr Abdelatty, Saudi Foreign Minister Prince Faisal bin Farhan underscored the necessity of cooperation for regional stability. He said, “We are genuinely eager to deepen our relations and partnerships with Egypt.”
The duo delved into numerous critical aspects of economic cooperation between the two countries. Abdelatty highlighted the drive to solidify bilateral ties even further, mentioning plans for the formation of a joint Egyptian-Saudi Supreme Coordination Council. This council is to be spearheaded by Egyptian President Abdel Fattah Al-Sisi and Saudi Crown Prince Mohammed bin Salman.
