Saudi Arabia Commits USD 5 Bn to Egypt, Focusses on RE and EV
Saudi Crown Prince announced a USD 5 billion investment in Egypt, focussing on renewable energy, food security, and electric vehicle production. The meeting emphasised boosting investments and overcoming obstacles and strengthening bilateral relations.
September 19, 2024. By EI News Network
During the discussions, the Saudi Crown Prince annnounced an immediate commitment of USD 5 billion in investments as part of the first phase of a broader initiative to boost bilateral economic cooperation. This investment will target key sectors that are critical for Egypt's economic growth, including food security, renewable energy, and automotive manufacturing, particularly in the electric vehicle (EV) industry.
A significant portion of the talks focussed on how both governments can streamline and facilitate investment procedures. The leaders discussed ways to remove obstacles that have historically hindered Saudi investments in Egypt, emphasisng a mutual desire to make the investment process more efficient and attractive for Saudi investors.
Prominent areas of focus included food security, with discussions centered on enhancing the local manufacturing base for essential agricultural goods. The meeting also touched on localising the production of electric vehicles, a rapidly growing industry that both nations see as a key future market. Renewable energy generation, particularly in solar and wind power, was also high on the agenda as both countries aim to strengthen their cooperation in green energy initiatives.
As part of a broader strategy, the Saudi government aims to shift its financial contributions to Egypt from deposits to direct investments, particularly through the Saudi Public Investment Fund (PIF), which has already seen positive outcomes in several Egyptian projects.
"One of our primary objectives is to support Saudi investors and ensure their protection, especially in countries like Egypt with which we share strong ties," said the Saudi Minister of Investment. He noted the fund’s ongoing investments in Egypt and emphasised that the results thus far have been overwhelmingly positive.
Looking ahead, the Saudi Minister confirmed that further discussions between Prime Minister Madbouly and Saudi investors are planned, as the two nations continue to work closely on investment opportunities across multiple sectors. This includes further collaboration in urban development and city building.
With a strong commitment from Saudi Arabia and a cooperative approach from Egypt, the two nations are poised to deepen their economic partnership, benefiting both sides across a range of industries.
please contact: contact@energetica-india.net.
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