220622 Egypt
A handout picture provided by the Saudi Royal Palace shows (R to L) Egypt's President Abdel Fattah Al Sissi receiving Saudi Crown Prince Mohammed bin Salman at the presidential palace in the capital Cairo on June 21, 2022. Image Credit: AFP

Dubai: Egypt and Saudi Arabia have agreed to strengthen their economic partnership and to take it to broader horizons that live up to the strength of the historical and strategic relationship between the two countries.

This was revealed in the final communique issued at the end of the visit by Saudi Crown Prince Mohammed bin Salman to Egypt on Tuesday.

The two countries also agreed to hold the Middle East Green Initiative Summit and the Saudi Green Initiative Forum in the Egyptian coastal city of Sharm El Sheikh.

The high-profile events will be held on the sidelines of the UN Conference of Parties on Climate Change (COP27), scheduled to be held in Sharm El Sheikh from November 7 to 18.

Saudi Arabia intends to lead investments amounting to $30 billion in Egypt, according to the Saudi-Egyptian statement.

The statement said that the Crown Prince’s visit reaffirmed the distinguished bilateral relations.

It also stressed the unity of the position and common ground on all regional and international issues and developments of common interest.

The two countries affirmed their determination to complete the negotiations of an agreement to protect and encourage investment and to sign and ratify it as soon as possible.

Saudi Arabia and Egypt also reiterated their determination to enhance cooperation on all political issues and to seek to crystallise common positions that preserve the two countries’ security and stability.

They stressed the need to intensify efforts to reach a comprehensive and just settlement of the Palestinian-Israeli conflict, and to find a real horizon for returning to serious and effective negotiations to achieve peace.

The two sides vowed their support for the Yemeni Presidential Leadership Council and its supporting entities. The Saudi side valued Egypt’s efforts to restore Libya’s security, unity and sovereignty.

The two countries agreed on the need to support international efforts to prevent Iran from acquiring a nuclear weapon.

The Saudi side affirmed its full support for Egyptian water security as an integral part of the Arab water security.

He urged Ethiopia not to take any unilateral measures regarding the filling and operation of the Grand Ethiopian Renaissance Dam and the importance of continuing negotiation with Egypt and Sudan in good faith.

Saudi Arabia expressed its full solidarity with Egypt in all the measures it takes to protect its national security.

Egypt expressed its full solidarity with Saudi Arabia in all the measures it takes to protect its national security, and stressed its rejection of any attacks on the Kingdom’s territories, while emphasizing that the security of the two countries is indivisible.