Sharm El-Sheikh to host Middle East Green Summit, Saudi Green Forum

Saudi Arabia to lead investments worth $30 billion in Egypt

June 21, 2022

Saudi Gazette report

CAIRO — Saudi Arabia and Egypt have agreed to hold the Middle East Green Initiative Summit and the Saudi Green Initiative Forum in the Egyptian coastal city of Sharm El Sheikh.

The high profile events will be held on the sidelines of the UN Conference of Parties on Climate Change (COP27), scheduled to held in Sharm El Sheikh on Nov. 7-18 this year.

This was revealed in the Saudi-Egyptian joint statement issued at the end of the Crown Prince’s visit to Egypt on Tuesday.

It was announced in the statement that Saudi Arabia intends to lead investments amounting to $30 billion in Egypt.

The statement said that the Crown Prince’s visit reaffirmed the distinguished bilateral relations and pushes them to broader horizons in all fields.

It also stressed the unity of the position and common destiny towards all regional and international issues and developments of common interest.

The two sides agreed to strengthen the economic, investment and trade partnership between the two countries, and to take it to broader horizons to live up to the strength of the historical and strategic relationship between the two countries.

They affirmed their determination to complete the negotiations of an agreement to protect and encourage investment and to sign and ratify it by both sides as soon as possible.

On the political front, Saudi Arabia and Egypt reiterated their determination to enhance cooperation on all political issues and to seek to crystallize common positions that preserve the two countries’ security and stability.

They stressed the need to intensify efforts to reach a comprehensive and just settlement of the Palestinian-Israeli conflict, and to find a real horizon for returning to serious and effective negotiations to achieve peace.

The two sides vowed their support for the Yemeni Presidential Leadership Council and its supporting entities. The Saudi side valued Egypt’s efforts to restore Libya’s security, unity and sovereignty.

The two countries agreed on the need to support international efforts to prevent Iran from acquiring a nuclear weapon.

The Saudi side affirmed its full support for Egyptian water security as an integral part of the Arab water security.

He urged Ethiopia not to take any unilateral measures regarding the filling and operation of the Grand Ethiopian Renaissance Dam and the importance of continuing negotiation with Egypt and Sudan in good faith.

The Saudi side expressed its full solidarity with Egypt in all the measures it takes to protect its national security.

On its part, the Egyptian side expressed its full solidarity with Saudi Arabia in all the measures it takes to protect its national security, and stressed its rejection of any attacks on the Kingdom’s territories, while emphasizing that the security of the two countries is indivisible.

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