By Enyichukwu Enemanna
Leaders of Saudi Arabia and Egypt on Tuesday agreed to deepen their cooperation in trade and investment, and also called for a ceasefire in Gaza and Lebanon
At a meeting in Cairo, Saudi Arabia Crown Prince, Mohammed bin Salman and Egyptian President, Abdel Fattah al-Sisi signed an agreement to encourage and protect mutual investments between the countries.
They also witnessed the signing of an accord to form a supreme coordination council between Riyadh and Cairo to further deepen cooperation.
The visit came amidst speculation about potential Saudi investments in Egypt, which has received a major influx of external financing this year, including a record $35 billion deal with UAE sovereign fund ADQ.
The Crown Prince made his last official visit to Egypt in 2022.
Saudi Arabia, which has provided financial support to Sisi’s Egypt in the past, later indicated it was shifting towards investing rather than providing direct aid to allies.
The Egyptian presidency in a statement said the two leaders reviewed efforts to develop economic partnership between Cairo and Riyadh particularly in investment, trade and economic integration in the energy, transport and tourism sectors.
The leaders also discussed regional developments, particularly the situations in Gaza and Lebanon, the presidency said, adding that “they demanded to start taking steps to reach calm that include a ceasefire in Gaza and Lebanon”.
Egypt had last month said Saudi Arabia was planning to invest $5 billion in Egypt, independently from funds the Gulf state has deposited in the Egyptian central bank.
Possible targets of investment include two sites for tourism developments on Egypt’s Red Sea coast and in the south of its Sinai peninsula.
