Egypt has designated five regions along its Red Sea coastline for major Saudi investments, Prime Minister Mostafa Madbouly has announced. The initiative is part of broader efforts to strengthen economic cooperation between the two nations.
At a press conference, Madbouly outlined plans for a strategic project to link the Egyptian and Saudi electricity grids by the summer of 2025, marking the first phase of joint energy initiatives. He also highlighted investment deals targeting areas like Ras Banas, a large peninsula known for its nature reserves and port, and a tourism hub in the southern Red Sea Governorate.
Madbouly emphasised Egypt’s commitment to fostering Saudi investments, opening up new opportunities for cooperation. He also noted the country’s goal of developing the Red Sea regions in ways similar to its Ras El-Hekma agreement with the UAE, aiming to attract direct foreign investment and form strategic partnerships.
Earlier this week, the prime minister announced that Saudi Crown Prince Mohammed Bin Salman had instructed the Saudi Public Investment Fund to inject $5 billion into Egypt as part of the initial phase of investment.