Egyptian Prime Minister Mostafa Madbouly announced the allocation of five areas on the Red Sea coast for huge investment deals, days after Saudi Crown Prince Mohammed bin Salman Al Saud directed the pumping of $5 billion into investments in Egypt.
Madbouly revealed in a press conference today, Thursday, plans to connect Egypt and Saudi Arabia to the electricity grid by the summer of 2025, in the first phase, and pointed out that there are 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.
He also stressed that Egypt seeks to encourage Saudi investments in Egypt, and open new horizons for cooperation between the two countries, indicating that "there are Egyptian investments in Saudi Arabia, and the two countries are working to encourage more partnerships."
He also pointed out that Egypt "targets development in the Red Sea regions, similar to the Ras El-Hikma deal," noting that "the goal is for the state to enter into partnerships and attract foreign direct investment."
Last Monday, the Egyptian Prime Minister said that Prince Mohammed bin Salman directed the Public Investment Fund to pump investments into Egypt totaling $5 billion as a first phase.
This came following a meeting between Mostafa Madbouly and the Saudi Crown Prince in the Saudi capital, Riyadh, during a visit that lasted several days, during which he met a number of Saudi officials, the private sector, and chambers of commerce.
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