Thu, 30 Jun 2022

Egypt, Saudi sign 7.7-bln-USD investment deals

Xinhua
22 Jun 2022, 02:05 GMT+10

CAIRO, June 21 (Xinhua) -- Egypt and Saudi Arabia signed 14 investment deals in Cairo valued at 7.7 billion U.S. dollars during the state visit of Saudi Crown Prince Mohammed bin Salman Al Saud, the Egyptian government said Tuesday.

The agreements covered the fields of food and pharmaceutical industries, infrastructure, renewable energy, green hydrogen, e-commerce, digital finance, and information services, said a government statement.

Almost half of the agreements were signed with Ajlan and Bros, a Saudi conglomerate, one of which focuses on building a petrochemical storage facility in Egypt valued at 3.36 billion dollars.

In addition, Saudi ACWA Power will invest 1.5 billion dollars in a wind power plant in Egypt according to one of the signed deals.

Some other deals involve building a multi-purpose terminal at Egypt's Damietta port and establishing a "pharmaceutical city" worth 150 million dollars by Egypt in the Gulf kingdom.

The Saudi crown prince landed in the Egyptian capital on Monday as the first stop of his Middle East diplomatic tour.

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