Saudi Crown prince Mohammed bin Salman attended talks in Cairo on Tuesday with the Egyptian President Abdel Fattah al-Sisi, where they agreed to boost trade and investment co operation and urged for ceasefires in Gaza and Lebanon.
According to the Egyptian presidency, the two leaders signed a deal to stimulate and protect mutual investments between the two countries.
It comes amid speculation about possible Saudi investments in Egypt. In September, Egypt’s prime minister said that Saudi Arabia was seeking to invest $5 billion in Egypt, separately from the money it has deposited in the central Egyptian bank.
Potential areas of investment include two sites for tourism developments, both of which are located opposite Saudi Arabia.
The move would be welcomed by Egypt, which has been aiming to secure investments as it grapples with a long standing economic crisis, that has resulted in unprecedented inflation.
On Tuesday, the two leaders also spoke about the fighting in Gaza and Lebanon, and called for steps to be taken to secure ceasefires in both countries.