His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister, successfully concluded his regional tour, which included the Arab Republic of Egypt, the Hashemite Kingdom of Jordan, and Turkey, during which he reinforced the Kingdom of Saudi Arabia’s well-established position in finding political, economic, and security solutions for the region, placing the Kingdom in the global spotlight as it drives inspiring initiatives to strengthen its relations with friendly and sister nations across all levels and fields.
14 Economic Agreements with Egypt
At the start of his tour, His Highness met with His Excellency Egyptian President Abdel Fattah El-Sisi, and they discussed a number of political issues and bilateral relations between the two countries. The two sides agreed to strengthen their economic partnership through investment and trade, and to expand it to new horizons so that it lives up to the strength of their historic and strategic relationship by integrating the opportunities offered by Saudi Vision 2030 and Egypt Vision 2030, On the sidelines of the visit, 14 economic agreements worth $7.7 billion were signed between the two countries.
$35 billion in Saudi investment in Egypt
Both sides welcomed the announcement of major investment and trade deals and agreements between the private sectors of the two countries, totaling 8 billion U.S. dollars (30 billion Saudi riyals and approximately 145 billion Egyptian pounds), In turn, Bandar Al-Amri, Chairman of the Saudi-Egyptian Business Council, confirmed that the value of Saudi investments in Egypt stands at $35 billion, while future investments are expected to increase by $5 billion.
A New Phase of Cooperation with Jordan
During his second visit, Prince Mohammed bin Salman met with Jordan’s King Abdullah II and Crown Prince Al-Hussein, and they discussed a number of issues of mutual interest to both countries. The Crown Prince emphasized the Kingdom’s commitment to strengthening fraternal ties with Jordan, noting that the goal is to move toward a new phase of cooperation for the benefit of both Jordan and Saudi Arabia, and that there are significant opportunities in Jordan that will benefit both countries.
On the sidelines of the visit, the Jordanian-Saudi Business Forum was held, during which Saudi and Jordanian companies signed cooperation agreements that will help strengthen trade relations between the two countries and advance their shared interests.
16.6 billion in Saudi-Jordanian trade
For its part, the Council of Saudi Chambers confirmed that the volume of trade between the Kingdom of Saudi Arabia and the Hashemite Kingdom of Jordan reached approximately 16.6 billion riyals in 2021, compared to 11.6 billion in 2020.
Saudi exports to the Jordanian market totaled 11.6 billion riyals, while Jordanian imports to the Saudi market totaled 5 billion riyals. Meanwhile, the volume of Saudi investments in Jordan stands at 14 billion U.S. dollars, spread across approximately 900 projects.
Developing Saudi-Turkish Partnerships
The Crown Prince concluded his regional tour in Turkey, where he was received by President Recep Tayyip Erdoğan. The two leaders reviewed various aspects of bilateral relations between the two countries, and they strongly reaffirmed their shared determination to strengthen cooperation in bilateral relations, including in the political, economic, military, security, and cultural spheres. The two sides also exchanged views on the most significant regional and international developments of mutual interest.
The two sides agreed to develop productive and investment partnerships in the fields of artificial intelligence, digital technologies, and smart cities, and to encourage private-sector actors working in these fields to cooperate.
The Turkish side called on investment funds operating in the Saudi entrepreneurial ecosystem to invest in startups in Turkey and establish partnerships with them.
