Thursday 19 backend.Sep
His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, announced that he has directed the Saudi Public Investment Fund to invest a total of $5 billion in Egypt as a first phase, during his reception of Prime Minister Dr. Moustafa Madbouly in Riyadh today, Monday.
During the meeting, the Saudi
Crown Prince highlighted the Kingdom's strides in realizing its 'Vision 2030'
and commended the significant contribution of the Egyptian workforce to Saudi
Arabia's current renaissance. He anticipated a further increase in Egyptian
workers in the coming years. Madbouly in turn, underscored the alignment of
Egyptian and Saudi perspectives on a range of regional matters.
Madbouly lauded the remarkable
progress made by the Kingdom in implementing Saudi Vision 2030, appreciating
the great development and diversity that the Kingdom has witnessed in the field
of urban development and overall advancement. He described the Kingdom's
transformation as unprecedented.
The Prime Minister affirmed that
the Egyptian government has succeeded in ending most of the problems faced by
the Saudi investors in Egypt.
He also discussed the Egyptian government's efforts to bolster the electricity sector by increasing and diversifying energy sources, including renewable energy. He highlighted the plan to interconnect the Egyptian and Saudi electricity grids ahead of the upcoming summer.
