To increase investments.. 10 agreements between Egypt and Saudi Arabia at the Climate Summit in Sharm El Sheikh

In a move aimed at transforming into renewable energy, Dr. Muhammad Shaker, Minister of Electricity, and Prince Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia signed today a memorandum of understanding for cooperation between the two countries in the fields of electricity, renewable energy and clean hydrogen, to achieve their common aspirations in these fields.

·         The terms of the agreements between Egypt and Saudi Arabia

According to the memorandum signed between Egypt and Saudi Arabia, it includes enhancing cooperation in the production and export of electricity from renewable energy, clean hydrogen transport, and electrical interconnection. It also encourages digital transformation, innovation, cybersecurity, artificial intelligence, developing qualitative partnerships between the two countries, and localizing materials, products and services, and supply chains and technologies, in addition to cooperating with companies specialized in the fields of electricity, renewable energy and clean hydrogen.

·         Conducting joint research with universities

The memorandum also includes conducting joint research with universities, research centers and others, organizing conferences, seminars and work sessions, building human capacities through training and exchanging information and experiences, which would contribute to deepening and expanding the base of cooperation between the two brotherly countries.

·         A Leap in Gulf Investments in Egypt

It should be noted that expectations indicate that Gulf investments in Egypt will witness a leap during the coming period, with the support of achieving surpluses from the oil sector, on which the budgets of the Gulf countries depend, in light of the significant increases in the price of crude.

Oil prices witnessed significant increases in 2022 due to the Russian invasion of Ukraine and the subsequent sanctions against Russia, one of the largest exporters of crude in the world, and the price had exceeded the level of $120 in March

·         90 billion riyals Saudi investments in Arab countries

A few days ago, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince of Saudi Arabia, announced that the Public Investment Fund had established five regional companies aimed at investing in the Hashemite Kingdom of Jordan, the Kingdom of Bahrain, the Republic of Sudan, the Republic of Iraq and the Sultanate of Oman, after The launch of the Saudi Egyptian Investment Company last August, where the value of the targeted investments will reach 90 billion riyals (24 billion US dollars) in investment opportunities across various sectors.