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Egypt and Saudi Arabia sign deals worth 7.7 billion dollars during the Crown Prince's visit
Egypt and Saudi Arabia indicated their intention to boost economic ties on Tuesday during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman and announced deals worth $7.7 billion.
A statement by the Egyptian presidency stated that the Saudi Crown Prince Mohammed bin Salman and Sisi discussed trade, investment and security, as well as a regional summit in Saudi Arabia next month, to be attended by US President Joe Biden.
The 14 deals signed on Tuesday ranged from renewable energy, petroleum, food and financial technology. It included a $1.5 billion agreement between Saudi Arabia's ACWA Power and the Egyptian Electricity Holding Company to build a wind power plant, according to an Egyptian cabinet statement.
The Egyptian General Authority for Investment and Free Zones said in a statement that among the other agreements are the development of the multi-purpose terminal in the Egyptian port of Damietta, and the establishment of a $150 million “pharmaceutical city” by the Egyptian Pharco Pharmaceutical Company in Saudi Arabia, the company’s board chairman told Al-Monitor. the East.
A joint statement said that Saudi Arabia is determined to lead investments in Egypt worth $30 billion..
Egypt and Saudi Arabia indicated their intention to boost economic ties on Tuesday during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman and announced deals worth $7.7 billion.
A statement by the Egyptian presidency stated that the Saudi Crown Prince Mohammed bin Salman and Sisi discussed trade, investment and security, as well as a regional summit in Saudi Arabia next month, to be attended by US President Joe Biden.
The 14 deals signed on Tuesday ranged from renewable energy, petroleum, food and financial technology. It included a $1.5 billion agreement between Saudi Arabia's ACWA Power and the Egyptian Electricity Holding Company to build a wind power plant, according to an Egyptian cabinet statement.
The Egyptian General Authority for Investment and Free Zones said in a statement that among the other agreements are the development of the multi-purpose terminal in the Egyptian port of Damietta, and the establishment of a $150 million “pharmaceutical city” by the Egyptian Pharco Pharmaceutical Company in Saudi Arabia, the company’s board chairman told Al-Monitor. the East.
A joint statement said that Saudi Arabia is determined to lead investments in Egypt worth $30 billion..