The Saudi news agency reported that Egyptian President Abdel Fattah el-Sisi visited the Kingdom yesterday, Sunday, as Cairo continues its efforts to secure financial inflows to alleviate pressure on the pound and support the struggling economy.
The Saudi agency mentioned that Crown Prince Mohammed bin Salman met with Sisi in the city of Jeddah on the Red Sea, where they discussed bilateral relations and developments in regional and international situations.
The meeting was attended by Saudi National Security Adviser Musaed bin Mohammed al-Aiban and the head of Egypt's General Intelligence Service, Major General Abbas Kamel.
Additionally, the visit comes amid a significant realignment of diplomatic relations among countries in the region, with moves by Saudi Arabia and Egypt to ease tensions with Syria, Iran, and Turkey.
Saudi Arabia has long supported Egypt financially, but it has recently indicated that it will not provide such support without conditions, which observers believe may have led to a rare media clash between the two countries.
Saudi Arabia, the UAE, and Qatar have deposited funds into the Central Bank of Egypt and pledged significant investments after the war in Ukraine revealed the financial difficulties facing Egypt, exacerbating the situation.
However, these investments have seen a slowdown, increasing pressure on the pound in recent weeks, despite it losing nearly half its value against the dollar since March 2022.
Egypt signed a $3 billion rescue plan with the International Monetary Fund in December, aiming to attract direct foreign investments valued at $9.7 billion in the fiscal year ending next June.
