Egyptian, Saudi firms sign accords worth $7.7b

Saudi and Egyptian companies signed agreements worth a total of $7.7 billion during a visit to Cairo by the Saudi crown prince, state media in both countries said.

The deals were related to  "infrastructure, logistical services, port management, agri-foods, the pharmaceutical industry, fossil fuels and renewable energy, and cybersecurity" and were worth $7.7 billion, Egyptian daily Al-Ahram said.

"Fourteen investment agreements worth more than 29 billion riyals ($7.7 billion) were signed between a group of leading Saudi companies in various economic activities and several Egyptian companies and authorities," Saudi state-run Al-Ekhbariya said on Twitter. The Saudi investment ministry said the agreements aimed to  "enhance investment and economic cooperation between the two countries".

Trade between Egypt and the kingdom leapt more than 62 per cent last year compared with 2020, reaching $9.1 billion, according to official Egyptian figures.

Egyptians working in Saudi Arabia are an important source of foreign currency, with transfers worth more than $11 billion in the 2020-2021 financial year, up more than 17 per cent compared with the previous year.