Saudi Crown Prince, Egyptian president sign MOU for joint investment fund


Saudi Arabia’s Crown Prince landed in Egypt on Sunday and was received by Egypt’s president Abdel Fattah El-Sisi, on the first leg of his maiden foreign tour as heir to the throne.
Relations between Egypt and Saudi Arabia have been strengthened since Abdel Fattah El-Sisi won the Egyptian elections.
According to media reports, the Crown Prince and Egypt’s president plan to discuss inter-Arab cooperation and the latest developments in the region.
On Sunday evening, the two countries signed a memorandum of understanding to establish a joint Saudi-Egyptian investment fund.
In other MOUs, Saudi Arabia and Egypt agreed to continue cooperation in resolving political crises in the Middle East region, as well as a commitment to reducing pollution.
The Crown Prince’s visit to Egypt will be his first since he became crown prince in June of last year.
“President El-Sisi expressed Egypt’s keenness to enhance bilateral cooperation with Saudi Arabia in all fields, in a way that reflects the level of strategic partnership between the two countries”, Egypt’s presidential spokesman Bassam Rady said in a statement.
Rady also highlighted the significance of the visit’s timing in light of the “great challenges currently taking place in the Middle East, which require mutual coordination between Egypt and Saudi Arabia.”
“The Egyptian president reaffirmed that the security of the Gulf is an integral part of Egyptian national security,” the spokesman added.
For his part, the Saudi Crown Prince, Minister of Defence and First Deputy Prime Minister Bin Salman extended to Sisi the greetings of Saudi King Salman bin Abdul-Aziz.
Bin Salman stressed that his keenness to conduct his first foreign visit as Crown Prince “reflects the depth and strength of relations between Egypt and Saudi Arabia, which are bound by common history and one destiny”.


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