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Saudi Arabia, Egypt Sign 14 Deals Worth $7.7 Bln

Saudi Arabia, Egypt Sign 14 Deals Worth $7.7 Bln

Tuesday, 21 June, 2022 - 09:15
20 June 2022, Egypt, Cairo: Egyptian President Abdel Fattah al-Sisi (R) receives Saudi Crown Prince Mohammed bin Salman in Cairo. (SPA)

Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, Egypt's General Authority for Investment and Free Zones said in a statement on Tuesday.

Deals signed on Tuesday included an agreement between Saudi Arabia's ACWA Power and the Egyptian Electricity Holding Company to produce and transmit 1100 MW of windpower, the authority's statement said.

More renewable energy agreements were signed, as well as deals in involving petroleum products, food and fintech.

Other deals involved the development of the multi-purpose terminal at Egypt's Damietta port, the authority's statement said, and the establishment of a $150 million "pharmaceutical city" by Egypt's Pharco Pharmaceuticals in Saudi Arabia, the company's chairman told Alsharq TV.

In March, Saudi Arabia deposited $5 billion in the Egypt's central bank and the Egyptian government has said that cooperation with the Saudi sovereign wealth fund will result in $10 billion in investments.

The Saudi-based ITFC has provided Egypt with $3 billion in new financing for commodity imports, its CEO told Reuters last week.

Saudi Minister of Commerce Majid al-Qasabi said Saudi investments in Egypt top 30 billion dollars through over 6,000 companies operating in the country and trade exchange that rose 85 percent in 2021 to reach 14.5 billion dollars.

Crown Prince Mohammed arrived in Egypt on Monday night, the first stop on a regional tour that will take him to Jordan and Turkey.

President Abdel Fattah al-Sisi welcomed the Saudi royal upon his arrival at Cairo airport.

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