Egypt and Saudi Arabia have signed 14 agreements worth $7.7 billion during the recent visit to Cairo by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, and Deputy Prime Minister.

The agreements were signed at the Public Authority for Investment’s headquarters in Cairo, in the presence of a number of Saudi and Egyptian officials and investors.

The major agreements signed include those related to investment in several fields, such as infrastructure, renewable energy projects, green hydrogen, medicine and e-commerce.

They also cover the sectors of infrastructure, logistics, port management, food industries, pharmaceutical industry, conventional energy, renewable energy, electronic payment system, and financial and IT solutions.

Meanwhile, an economic report – released by the Federation of Saudi Chambers (FSC) on the occasion of the royal visit showed that the Saudi-Egyptian economic relations are based on a solid foundation of institutional frameworks represented by economic cooperation agreements and the Joint Saudi-Egyptian Business Council, which represent important tools to develop the cooperation fields and opportunities between the two countries at all levels.

The report showed that the two countries have had more than 160 bilateral agreements supporting the growth of economic ties. The trade exchange volume reached around SR54 billion in 2021, marking the highest value historically and realising a growth rate of 87 per cent compared with 2020, where the volume of Saudi exports to the Egyptian market stood at SR38.6 billion and Egyptian imports to the Saudi market hit SR15.7 billion with a record increase of 60 per cent. According to the report, Saudi investments in Egypt exceeded $32 billion through more than 6,800 Saudi companies, while Egyptian investments in the Saudi Arabia stand at $5 billion through more than 802 Egyptian companies.