The visit Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz to Cairo reflects the long-standing historical relations between Saudi Arabia and Egypt.
The Crown prince’s visit to Egypt draws the first trip outside the region since the outbreak of the "Covid-19" pandemic, in 2019.
Bilateral relations between the Kingdom and Egypt have been developed over the past years, with the support and guidance of king Salman and Crown prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Minister of Defense, and Egyptian President Abdel Fattah Al-Sisi, to the level of strategic partnership through The establishment of the Saudi-Egyptian Coordination Council, and the conclusion of the governments of the two countries about 70 agreements, “protocols” and memoranda of understanding between their governmental institutions.
Saudi Arabia and Egypt are keen on coordination and political consultation between them to discuss all regional and international issues in facing common challenges, and serving the issues of the Arab and Islamic nations, and international peace and security.
The Kingdom and Egypt have growing commercial relations, as the volume of trade exchange between the two countries during the past six years (2016-2021) amounted to 179 billion riyals (47.7 billion dollars), and the volume of Saudi non-oil exports to Egypt grew by 6.9% during the year 2021 AD, registering 7.2 billion riyals. ($1.9 billion).
The Saudi and Egyptian private sectors invest in the two countries’ markets because of their potentials and opportunities. There are 6,285 Saudi companies in Egypt with investments exceeding $30 billion. In contrast, there are 274 Egyptian brands, and more than 574 Egyptian companies in the Saudi markets.
Saudi investments in the Egyptian market increased, and 1,035 Egyptian companies found promising opportunities to invest in the Saudi market. The capital value of companies owned or co-owned by Egyptian investors in the Kingdom is 4.4 billion riyals, most of which are concentrated in the manufacturing and construction sectors.
The Kingdom is one of the main countries that supported foreign reserves for a number of countries during the Covid-19 pandemic, including the Arab Republic of Egypt, as it recently provided a deposit of $3 billion to the Central Bank of Egypt, in addition to extending previous deposits of $2.3 billion.
The Kingdom is also strengthening Egypt's development efforts through the support it provides through the Saudi Fund for Development; The fund’s contributions amounted to 8,846.61 million riyals for 32 projects in vital sectors to be developed and financed, including the construction of roads, the expansion of power plants, desalination and water treatment, and the establishment of hospitals and residential communities in Egypt.