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Egypt and Saudi Arabia sign 14 deals worth $7.7 bln

Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday.Saudi Arabia has provided billions of dollars in financial support since Egypt’s President Abdel Fattah al-Sisi came to power, and the new round of investments comes as Cairo struggles with the economic knock-on effects of the Ukraine war.Even before the Ukraine war hiked commodity prices, hit tourism revenues and prompted investors to exit emerging markets, there were concerns over Egypt’s current account and budget deficit, bankers say.

Source: Zawya 

Link: https://www.zawya.com/en/economy/gcc/egypt-and-saudi-arabia-to-sign-14-deals-worth-77bln-saudi-minister-xrj1yb8f

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