Three diplomatic sources have revealed that Egyptian President Abdel Fattah el-Sisi will travel to Saudi Arabia today, Sunday, as Cairo continues its efforts to secure financial inflows to alleviate pressure on the pound and support the struggling economy. Saudi Arabia has consistently provided financial support to Egypt, but it has recently indicated that such assistance will not be offered without conditions, which analysts believe may have sparked a rare media clash between the two countries.
The visit comes amid significant reorganization of diplomatic relations among regional countries, with Saudi Arabia and Egypt taking steps to ease tensions with Syria, Iran, and Turkey. Neither Egypt nor Saudi Arabia has issued an official statement regarding the visit thus far.
Saudi Arabia and its Gulf allies have repeatedly come to Egypt's aid since Sisi led the ousting of Mohamed Morsi, a member of the Muslim Brotherhood, ten years ago. Saudi Arabia, the UAE, and Qatar deposited funds in the Central Bank of Egypt and pledged to inject significant investments after the war in Ukraine revealed and exacerbated the financial difficulties facing Egypt. However, these investments have seen a slowdown, increasing pressure on the pound in recent weeks, despite it having lost nearly half its value against the dollar since March 2022.
