In a significant boost to bilateral relations, Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi held high-level discussions on a wide array of topics, including economic collaboration, regional stability, and energy markets, during the Crown Prince’s recent visit to Egypt. The talks, held at Al-Ittihadiya Palace in Cairo on 16th October, 2024, culminated in the signing of a formal agreement establishing the Saudi-Egyptian Supreme Coordination Council. This council aims to enhance cooperation in various sectors such as trade, defense, and technology, reflecting the historical ties and shared interests between the two nations, according to the Saudi Press Agency.
Economic Ties and Cooperation
A key focus of the discussions was the strengthening of economic ties. Saudi Arabia is currently Egypt’s second-largest trading partner, with trade volume reaching $8.4 billion in the first half of 2024—a 41 percent increase compared to the same period last year. Both leaders expressed a commitment to overcoming challenges to further strengthen these relations, particularly through diversification in energy, transportation, logistics, technology, and agriculture.
In a move anticipated to encourage further investment, the two countries plan to sign an investment-protection agreement aimed at fostering growth in promising sectors.
Energy Collaboration
On the energy front, the leaders pledged to continue their joint efforts in linking the Saudi and Egyptian power grids, a project touted as the largest electrical interconnection initiative in the region. They emphasized the importance of stability in global oil markets and praised their collaborative work in renewable energy, hydrogen technology, and energy efficiency.
Defense and Security Initiatives
In terms of defense, both leaders reiterated their commitment to enhancing security cooperation to combat terrorism, drug trafficking, and cybersecurity threats. They discussed the importance of tackling hate speech and extremism, reinforcing their shared values of moderation and tolerance, and enhancing border security to combat crime.
Regional Issues and Humanitarian Concerns
The discussions also encompassed several pressing regional issues. The leaders condemned the ongoing violence in Gaza, expressed deep concern over the humanitarian crisis, and called for an immediate ceasefire leading to a lasting truce. They underscored the necessity of adhering to international law to protect civilians and reiterated their support for a two-state solution to the Israeli-Palestinian conflict.
Concerns were also raised regarding the escalating conflict between Israel and Hezbollah in Lebanon, with both leaders advocating for the implementation of international resolutions to stabilize the situation.
Turning to Yemen, they reaffirmed support for the Presidential Leadership Council and urged the Houthis to engage in the peace process, while also commending humanitarian efforts in the region. Additionally, both leaders expressed support for peace talks in Sudan, aiming to resolve the ongoing conflict between rival military factions.
Climate Change and Technological Innovation
To address climate change, the leaders discussed the importance of emission reductions and sustainable practices, with Egypt supporting Saudi Arabia’s circular carbon economy approach. They acknowledged the significance of Saudi Arabia’s role in the upcoming UN Climate Change Conference, building on Egypt’s leadership at COP27 in 2022.
Innovation and technological cooperation were highlighted as areas for potential growth, particularly in artificial intelligence, space exploration, and clean energy. The leaders committed to localizing energy-sector operations and sharing expertise to bolster both economies.
Concluding his visit, Crown Prince Mohammed bin Salman expressed gratitude to President El-Sisi for the warm welcome and hospitality extended to him. He reaffirmed Saudi Arabia’s dedication to enhancing relations with Egypt, signaling a promising future for collaboration between the two nations. This high-level engagement marks a pivotal moment in Saudi-Egyptian relations, setting the stage for deeper cooperation across multiple sectors while addressing pressing regional issues with a united front.