On June 20, the Saudi Crown Prince, Mohamed Bin Salman, landed in Egypt, as part of a tour that also took him to Jordan and Turkey. In Cairo, the leader discussed with Marshal Abdel Fattah al-Sissi "regional and international political issues".
Egypt and Saudi Arabia have just signed 14 cooperation agreements worth $7.7 billion. This was announced by the Saudi Minister of Commerce, Majid al-Qasabi, quoted by several media sources.
The agreements are part of the visit to Egypt by the Saudi Crown Prince, Mohammed Bin Salman, and cover various sectors including climate, energy, trade and infrastructure. A $1.5 billion agreement has thus been signed between the Saudi company ACWA Power and the Egyptian Electricity Holding Company for the construction of a wind power plant, while a “pharmaceutical city” should be built by the Egyptian company Pharco. Pharmaceuticals in Saudi Arabia for $150 million.
As Egypt grapples with the aftermath of the war in Ukraine, the new investments should help reinvigorate the economy of the country of the pharaohs which has long lived at the pace of IMF-led reforms. They also come to confirm the good relationship between the two countries, Saudi Arabia having already granted several billion dollars of financing to its North African partner.
A few days before US President Joe Biden’s tour of the Middle East, many observers believe that Mohammed bin Salman is seeking to tune his violins with other Arab leaders, in particular the Egyptian leader, Abdel Fattah al-Sisi, on the questions that will be put on the table with the current tenant of the White House.
The consequences of the Ukrainian crisis, which is disrupting world oil supplies, should among other things be addressed.