Saudi crown prince visits Cairo to discuss investment, Middle East crises

Saudi Arabia's Crown Prince Mohammed bin Salman is visiting Cairo Tuesday to discuss trade and investment as well as the crises in Lebanon and Gaza with Egypt's President Abdel Fattah El-Sisi, Egyptian diplomatic sources said.

The visit comes amid speculation about potential Saudi investments in Egypt, which has received a major influx of external financing this year including a record $35 billion deal with UAE sovereign fund ADQ.

The crown prince made his last official visit to Egypt in 2022. Saudi Arabia, which has provided financial support to Sisi's Egypt in the past, later indicated it was shifting towards investing rather than providing direct aid to allies.

Egypt's prime minister said last month that Saudi Arabia was planning to invest $5 billion in Egypt, independently from funds the Gulf state has deposited in the Egyptian central bank.

Egypt has been seeking large-scale investments as it tries to overcome a long-running economic crisis that led to record inflation, a rising debt burden and sharp currency devaluations over the past two years.

In talks with Sisi the crown prince was expected to discuss bilateral relations with a focus on trade and investment, as well as regional affairs including the crises in Lebanon and the Palestinian territories, the diplomatic sources said.

Saudi state TV confirmed that the crown prince had departed for Egypt, without giving further details.


Reuters