Egypt and Saudi Arabia have inked multibillion-dollar contracts on the environment, trade, and other topics.
Saudi Commerce Minister Majid al-Qasabi said that the two partners had inked 14 investment agreements totaling $7.7 billion. According to Egypt’s official Middle East News Agency, the agreements include the development of renewable energy, particularly green hydrogen, as well as infrastructure and e-commerce.
The signing of the deal took place during Saudi Crown Prince Mohammed bin Salman’s visit to Egypt.
Egypt and Saudi Arabia are political, military, and economic partners. A cooperative naval drill between the two countries was undertaken in the Red Sea in May. Saudi Arabia provided $5 billion to Egypt’s central bank in March to support the country’s faltering economy.
Saudi infrastructure investment might be especially beneficial to Egypt. Many Egyptian constructions are not properly supervised, which has resulted in tragic building collapses.
In the Middle East and North Africa, green hydrogen is becoming increasingly popular. Both the United Arab Emirates and Morocco are investing in this sort of energy.
As part of a regional trip, Salman will visit Jordan and Turkey.
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