Egypt has signed a raft of deals with Saudi Arabia worth nearly $8 Billion during a visit to Cairo by the Gulf kingdom’s de facto ruler, Crown Prince Mohammed bin Salman.
Renewable energy, petroleum, food, and fintech were among the 14 agreements struck on Tuesday. The deals include a $1.5 billion agreement between Saudi Arabia’s Acwapower and the Egyptian Electricity Holding Company to build a wind power plant, according to an Egyptian cabinet statement.
According to a statement from Egypt‘s General Authority for Investment and Free Zones, additional agreements included the creation of the multipurpose terminal at the country’s Damietta port as well as Pharco Pharmaceuticals’ $150 million “pharmaceutical metropolis” in Saudi Arabia.
According to a statement from the administration, it involves a $1.5 billion investment in an Egyptian wind farm.
The Saudi crown prince’s trip outside of the Gulf after three years was this one.
The next stage in mending relations damaged by the murder of the Saudi journalist Jamal Khashoggi in Istanbul in 2018 will be his trip for meetings with the leaders of Jordan and Turkey.
Saudi Arabia has already offered billions in support since Egypt’s President Abdel Fattah al-Sisi came to office in 2014, and Cairo is grappling with the economic knock-on effects of the Ukraine war.
The trip in Egypt marked the start of the first tour beyond the Gulf region in almost three years by the prince. He departed for Jordan on Tuesday night and will later travel to Turkey.