Saudi Crown Prince Allocates $5 Billion for Investment in Egypt
#Finance
Saudi Crown Prince Allocates $5 Billion for Investment in Egypt
Loveworld / 2 hours
September 20, 2024
1 min read
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 phase. This announcement follows a recent meeting in Riyadh between Egyptian Prime Minister Mostafa Madbouly and the Crown Prince, where they discussed strengthening bilateral relations.
Details regarding the timeline, nature, and specific phases of the planned investments have not yet been disclosed. The PIF has not responded to inquiries for more information. This move aligns with Saudi Arabia’s ongoing commitment to economic collaboration with Egypt. In 2022, the Saudi Egyptian Investment Company (SEIC) was established as a subsidiary of the PIF, and as of December 31, 2023, Saudi Arabia maintained long-term deposits of $5.3 billion with Egypt’s Central Bank.
Stay tuned for updates on this significant investment initiative.
