Arab Finance: President Joint statement At the conclusion of the Saudi Crown Prince’s visit to Egypt, which came in response to an invitation from Egyptian President Abdel Fattah El-Sisi; It witnessed official discussions focused on strengthening bilateral relations between the two countries in various fields, especially economic, defense, and technology.
Expanding economic and trade relations
The two sides praised the strong economic ties between Saudi Arabia and Egypt, with trade exchange reaching $8.4 billion in the first half of 2024, an increase of 41% over the same period of the previous year.
The signing of a new agreement to protect and encourage mutual investments between the two countries was also praised, and the two parties discussed ways to enhance economic integration, with a focus on the areas of energy, transportation, industry, and tourism.
Defense and technology cooperation
Saudi Arabia and Egypt affirmed their intention to enhance defense and security cooperation, with a focus on combating terrorism, drugs, and cybersecurity.
The two sides also discussed major electrical interconnection projects linking the two countries' networks, and the importance of cooperation in the fields of renewable energy, clean hydrogen, and rationalization of energy consumption.
Responding to climate challenges
The two sides expressed mutual support for efforts to combat climate change. Saudi Arabia praised Egypt's hosting of the Climate Conference (COP27), while Egypt affirmed its support for the circular carbon economy approach launched by Saudi Arabia.
The two parties stressed their commitment to developing international climate-related agreements, with a focus on reducing emissions.
Regional coordination and the Palestinian issue
The two parties expressed their concern about the deteriorating humanitarian situation in the Gaza Strip as a result of the Israeli attacks, stressing the necessity of a ceasefire and the protection of civilians.
They also stressed their commitment to the two-state solution in accordance with the Arab Peace Initiative. Saudi Arabia appreciated Egypt's role in seeking to stop the aggression against Gaza and coordinating humanitarian aid to the Strip.
International and regional affairs
Regarding the Lebanese issue, the two countries affirmed their support for the security and stability of Lebanon, and demanded an end to the Israeli escalation there. Saudi Arabia and Egypt also affirmed their support for the Presidential Command Council in Yemen, and dialogue between the Sudanese parties to resolve the crisis.
Touching on the situation in Libya, they stressed the importance of holding elections and unifying state institutions.
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