The Egyptian cabinet announced on Monday that Saudi Crown Prince Mohammed Bin Salman has directed the Saudi Public Investment Fund (PIF) to invest $5 billion in Egypt’s economy as part of an initial investment stage. The news follows a meeting between Egyptian Prime Minister Mostafa Madbouly and the Crown Prince in Riyadh to discuss strengthening bilateral relations. However, the statement provided no specifics regarding the timeline, nature, or stages of the planned investments. PIF has not responded to requests for further details but the development aligns with Saudi Arabia’s recent moves regarding Egypt. In 2022, the Saudi Egyptian Investment Company (SEIC) was established as a PIF subsidiary. Additionally, Saudi Arabia had long-term deposits of $5.3 billion with Egypt’s Central Bank as of December 31, 2023.
SOURCE: MIDDLE EAST MONITOR
