Saudi Prince closes deals worth $7.7bn in Egypt

As the oil-rich kingdom’s crown prince launched a Middle East visit to promote his role as a regional power broker, transactions worth about $8 billion were announced between Egypt and Saudi Arabia.

According to the state-run Middle East News Agency in Egypt, the two countries signed 14 investment agreements worth $7.7 billion on Tuesday, encompassing industries like e-commerce, medicines, and renewable energy.

According to a statement from the Egyptian government, deals were reached to manufacture wind energy and green hydrogen by Al Fanar International Development and by ACWA Power to generate and transfer power and produce energy from the wind.

Monday marked the beginning of Crown Prince Mohammed bin Salman’s tour, which will also take him to Jordan and his longtime adversary Turkey. His sporadic trips come before President Joe Biden’s trip to Saudi Arabia, where he’ll attend a gathering of regional leaders organised by the greatest oil exporter in the world.

The trips are a part of Prince Mohammed’s efforts to reassert Saudi Arabia as the region’s dominant force and himself as its top bridge-builder at a time when the United Arab Emirates, another close Gulf ally, is also vying for the post.