Flurry of Deals as Crown Prince Mohammed bin Salman Visits Egypt

After a unique military escort given by Egyptian fighter jets and a warm welcome from Egypt’s top leaders upon arrival, Saudi Arabia’s Crown Prince Mohammed bin Salman wasted little time in dealmaking with Egypt’s President Abdel Fattah El-Sisi.

The two countries moved forward on several major agreements. Saudi Arabia and Egypt agreed to set up a $10 billion joint fund on Sunday to develop “the Egyptian side of Neom,” a planned mega-city, committing more than 1,000 square kilometers in the south Sinai, Reuters reports.

Crown Prince Mohammed bin Salman and Egypt's President Sisi.

Crown Prince Mohammed bin Salman and Egypt’s President Sisi.

The Egyptian government also finalized the transfer of two islands to Saudi Arabia, an agreement that worked its way through the Egyptian court system and caused controversy there.

The two leaders have met for several sessions of bilateral talks during this trip, according to the Saudi Press Agency. Both official news outlets affirmed the strength of the Saudi-Egypt economic, diplomatic, and security relationship.

The Crown Prince’s visit to Egypt was his first trip to the country since he became crown prince in June of last year. After a three-day stay in Egypt, Crown Prince Mohammed bin Salman will then travel to the UK, France, and the United States.