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Egypt, Saudi Arabia pointer 14 deals value $7.7bn
- Updated: June 21, 2022
CAIRO:
Egypt and Saudi Arabia have sealed 14 agreements valued during $7.7 billion during a revisit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones pronounced in a matter on Tuesday.
Saudi Arabia has supposing billions of dollars in financial support given Egypt’s President Abdel Fattah al-Sisi came to power, and a new turn of investments comes as Cairo struggles with a mercantile knock-on effects of a Ukraine war.
Even before a Ukraine fight hiked commodity prices, strike tourism revenues and stirred investors to exit rising markets, there were concerns over Egypt’s stream comment and bill deficit, bankers say.
Deals sealed on Tuesday enclosed a $1.5 billion agreement between Saudi Arabia’s Acwapower and a Egyptian Electricity Holding Company to build a breeze appetite plant, an Egyptian cupboard matter said
More renewable appetite agreements were signed, as good as deals in involving petroleum products, food and fintech.
Other deals concerned a growth of a multi-purpose depot during Egypt’s Damietta port, a authority’s matter said, and a investiture of a $150 million “pharmaceutical city” by Egypt’s Pharco Pharmaceuticals in Saudi Arabia, a company’s authority told Alsharq TV.
In March, Saudi Arabia deposited $5 billion in a Egypt’s executive bank and a Egyptian supervision has pronounced that team-work with a Saudi emperor resources account will outcome in $10 billion in investments.
The Saudi-based ITFC has supposing Egypt with $3 billion in new financing for commodity imports, a CEO told Reuters final week.
The king arrived in Egypt on Monday night, imprinting a commencement of his initial debate outward a Gulf segment in over 3 years and will also revisit Jordan and Turkey.
Sources have pronounced MBS and Egyptian President Abdel Fattah al-Sisi would plead issues including a impact of a Ukraine fight and fixing of a Saudi and Egyptian positions forward of US President Joe Biden’s outing to a segment in mid-July.