Saudi Arabian Crown Prince Mohammed bin Salman is visiting Cairo, Egypt on an official visit.
He is expected to hold talks with President Abdel Fattah al-Sisi on efforts to de-escalate the situation in Lebanon and Gaza.
The visit comes amid rumours about future Saudi investments in Egypt, which has received a significant amount of external finance this year, including a record $35 billion agreement with the UAE sovereign fund ADQ.
The crown prince, also known as MbS, made his final official visit to Egypt in 2022.
Saudi Arabia, which has previously provided financial backing to Sisi’s Egypt, later stated that it will shift its focus to investing rather than offering direct aid to allies.
Egypt’s government dollar bonds surged by early afternoon on Tuesday, with longer-dated maturities leading the way.
Last month, Egypt’s prime minister stated that Saudi Arabia intended to spend $5 billion in Egypt, irrespective of funds deposited at the Egyptian central bank.
Two prospective investment opportunities are two tourism development areas on Egypt’s Red Sea coast and the south of the Sinai peninsula, both of which face Saudi Arabia.
Egypt has been pursuing large-scale investments as it attempts to solve a long-running economic crisis that has resulted in record inflation, a growing debt burden, and significant currency depreciation over the last two years.
According to diplomatic sources, the crown prince was anticipated to discuss bilateral relations, particularly commerce and investment, as well as regional issues such as the crises in Lebanon and the Palestinian territories.
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