Egypt and Saudi Arabia sign $7.7 billion in economic accords

Flags of Saudi Arabia and Egypt. (Photo: Aleksandar Mijatovic/Shutterstock)

Egypt and Saudi Arabia reportedly strengthened their business ties during a meeting between Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah el-Sisi on Tuesday.

Under discussion were 14 different acquisitions worth $7.7 billion. Reuters claimed that Saudi Crown Prince Mohammed bin Salman flew to Jordan on Tuesday evening and will travel to Turkey.

Since el-Sisi came to power in 2014, Saudi Arabia has already handed Egypt billions in help.

According to the article, the two leaders addressed trade, investment, security, and a regional meeting in Saudi Arabia in July with Vice President Joe Biden.

The transactions include $1.5 billion for constructing a wind power plant and expanding the multipurpose port at the Damietta Port in Egypt.

According to the report, Saudi Arabia transferred $5 billion to Egypt's central bank.

Like other nations during the coronavirus pandemic, which has since caused worldwide supply-chain issues, Egypt's economy has struggled, mainly due to increased food prices.

Publish : 2022-06-22 07:57:00

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