The Egyptian cabinet has disclosed that Saudi Crown Prince Mohammed Bin Salman has instructed the Saudi Public Investment Fund (PIF) to inject $5 billion into Egypt as part of the initial stage of a larger investment initiative. This announcement was made following a high-profile meeting in Riyadh between Egyptian Prime Minister Mostafa Madbouly and the Crown Prince, where discussions centered on advancing and deepening the strategic partnership between the two nations.
The cabinet’s statement did not elaborate on the precise timing of the investment, the nature of the planned projects, or how many phases the investment strategy will include. As of now, the PIF has not provided additional details or comments on this significant financial move.
This investment aligns with broader efforts to bolster economic ties and mutual interests between Saudi Arabia and Egypt. In 2022, the establishment of the Saudi Egyptian Investment Company (SEIC) as a wholly owned subsidiary of PIF marked a significant step in enhancing bilateral investment flows.
Additionally, as of December 31, 2023, Saudi Arabia maintained $5.3 billion in long-term deposits with the Central Bank of Egypt. This substantial financial commitment underscores the ongoing economic collaboration and the strategic importance of the relationship between the two countries.
