Egyptian President Abdel-Fattah el-Sissi visited Saudi Arabia on Sunday as Cairo seeks monetary inflows and main regional realignments.
Oil-rich Saudi Arabia has lengthy supplied monetary assist to Egypt however just lately signaled it will now not present such backing with out circumstances connected, which observers suppose could have sparked a uncommon media conflict between the 2 nations.
The journey additionally comes amid a significant diplomatic realignment within the area, with strikes by Saudi Arabia and Egypt to ease tensions with Syria, Iran and Türkiye.
Saudi Crown Prince Mohammed bin Salman, the dominion’s de facto ruler, met with el-Sissi on the Saudi Red Sea metropolis of Jeddah, the place they mentioned bilateral ties and regional developments, Saudi state news company SPA stated.
Other Saudi and Egyptian officers, together with Saudi nationwide safety adviser, Musaad bin Mohammed al-Aiban, and Egypt’s intelligence chief Abbas Kamel, attended the assembly, it added.
Saudi Arabia and its Gulf allies have repeatedly come to Egypt’s assist since el-Sissi led the ouster of Mohamed Mursi of the Muslim Brotherhood a decade in the past.
When Egypt’s monetary difficulties have been uncovered and exacerbated by the fallout from the conflict in Ukraine final 12 months, Saudi Arabia, the United Arab Emirates (UAE), and Qatar made deposits in Egypt’s central financial institution and pledged main new investments.
But these investments have been sluggish to materialize, placing new strain on the Egyptian pound in current weeks regardless of the foreign money’s dropping almost half its worth in opposition to the greenback since March 2022.
Egypt signed a $3 billion rescue plan with the International Monetary Fund in December that focused $9.7 billion in international direct funding within the monetary 12 months ending in June 2023.
Source: www.dailysabah.com
