Egypt outlines 5 areas set for Saudi investment

Five areas along Egypt’s Red Sea coast have been earmarked for Saudi investments, Prime Minister Mostafa Madbouly announced yesterday.

Madbouly revealed in a press conference plans to connect the Egyptian and Saudi electricity grids by the summer of 2025, in the first phase, as well as huge investment deals, including Ras Banas, a large peninsula that includes nature reserves and a port, and a tourist area in the south of the Red Sea Governorate.

The prime minister stressed that Egypt seeks to encourage Saudi investments in Egypt and open new horizons for cooperation between the two countries.

He also pointed out that Egypt targets development in the Red Sea regions, similar to the Ras El-Hekma deal with the UAE, noting that the goal is for the state to enter into partnerships and attract direct foreign investment.

On Monday, the Egyptian prime minister said Saudi Crown Prince Mohammed Bin Salman directed the Saudi Public Investment Fund to pump a $5 billion into Egypt in the first phase.

Read: Egyptian cabinet says Saudi Crown Prince told PIF to pump $5bn into Egypt as ‘first stage’