Saudi King Salman bin Abdel Aziz Al Saud receives Egyptian President Abdel-Fattah El-Sisi in Riyadh – SPA
Presidential Spokesman Bassam Rady said the President will consult and coordinate with the King and Crown Prince on bilateral relations as well as regional and international issues and crises, which require concerted efforts to protect Arab national security.
“This visit is part of the deep Egyptian-Saudi relations and the brotherly ties and cooperation at all levels between the two brotherly countries,” the spokesperson said.
El-Sisi’s visit to Saudi Arabia, the world’s largest crude oil producer, comes as Russia’s two-week invasion of Ukraine threatens to have serious repercussions on the global economy. , with oil and gas prices already rising.
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Egypt and Saudi Arabia have closely coordinated on regional and international issues since El-Sisi took office in 2014, with the two sides holding regular meetings at the highest level.
El-Sisi last visited Saudi Arabia in May 2019, where he attended an emergency Arab summit in Mecca after Houthi militia attacks in Yemen, including on Saudi oil tankers off the coast. coasts of the United Arab Emirates at the beginning of the same month.
Egypt has strongly condemned dozens of attacks launched by Yemen’s Houthi militia against Saudi Arabia.
Meanwhile, Saudi Arabia has also repeatedly voiced its support for Egypt’s water rights amid a dispute between Egypt, Sudan and Ethiopia over the Grand Renaissance Dam. (GERD) that the latter built on the Blue Nile.
Egypt and Saudi Arabia have also held several joint military exercises in recent years, and the Arab Industrialization Organization (AOI) is currently participating in the first edition of the World Defense Show (WDS) which took place held in the Saudi capital, Riyadh, from March 6-9.
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Economic cooperation, development
Egypt and Saudi Arabia are bound by strong economic and investment partnerships, with the two sides having signed numerous memorandums of understanding on digital transformation in recent years, the last of which dates back to March.
In December, they signed a memorandum of understanding on promoting international cooperation to fight corruption and exchanging expertise and information on corruption crimes.
In October, Egypt and Saudi Arabia awarded contracts for the implementation of a project to link their power grids and enable the exchange of up to 3,000 MW of electricity worth of $1.8 billion.
In light of the two countries’ ambitions to increase reliance on renewables, the link will act as a safety valve for their two power grids to combat the generally unstable nature of renewables, the Saudi power minister said. , Abdulaziz bin Salman.
Last July, El-Sisi received Saudi Minister of Commerce Majid bin Abdullah Al-Kassabi, where they discussed promoting intra-trade and boosting joint investments between the two countries in various development areas.
El-Sisi also stressed the importance of strengthening coordination and overcoming obstacles facing mutual investments made by the public and private sectors of the two countries during his meeting with Turki Al-Sheikh, adviser to the Saudi Royal Court. and Chairman of the General Entertainment Authority. in May last year.
During Bin Salman’s visit to Cairo in March 2018, Egypt and Saudi Arabia announced the launch of a joint fund worth $10 billion to develop a megacity in Egypt’s Sinai Peninsula. The two countries have committed about 1,000 kilometers of land for the project.
It’s part of the kingdom’s mammoth $500 billion project to develop the futuristic city of Neom, which will cover thousands of square miles of Saudi Arabiais the province of Tabuk.
El-Sisi and Saudi King witnessed the signing of numerous agreements, memorandums of understanding and cooperation programs worth $590 million in April 2016, according to Egypt’s Ministry of International Cooperation.
The agreements covered various areas, including electricity and the development of Sinai.
The biggest trading partner
Saudi Arabia is Egypt’s largest trading partner in the Middle East, with trade between the two countries in 2021 registering $4.3 billion compared to $3.2 billion in 2020, the media reported on Tuesday. Egyptian news agency MENA, citing an Egyptian ministry report. Trade.
The report, which MENA received, showed that Egyptian exports to the Saudi market saw a 17% increase in 2021, recording $1.995 billion from $1.699 billion in 2020.
Building materials, engineering products, electronics, food industries, agricultural products, medical industries, ready-made garments and furniture are among the most important Egyptian products exported to the Saudi market.
The two countries have strong historical and strategic relations, Fatahallah Fawzy, a member of the Egyptian side of the Egyptian-Saudi Affairs Council, told MENA, adding that Saudi Arabia is the second largest Arab investor in Egypt.
There are promising opportunities for Egyptian companies to cooperate with their Saudi counterparts in different fields, especially building, construction, real estate development and tourism, he said.