Egypt's President El Sisi in Saudi Arabia on surprise visit

Egyptian leader has recently praised financial support from the kingdom

Egypt’s President Abdel Fattah El Sisi is received by Crown Prince Mohammed bin Salman, Prime Minister of Saudi Arabia, in Jeddah on Sunday. Mr El Sisi is on a surprise visit to the kingdom. SPA

Egypt’s President Abdel Fattah El Sisi arrived in Jeddah, Saudi Arabia, on Sunday on a surprise visit aimed to improve relations with one of his country’s key allies and economic backers.

Mr El Sisi was received at King Abdulaziz International Airport by Crown Prince Mohammed bin Salman, Prime Minister of Saudi Arabia.

Saudi National Security Adviser and Minister of State Dr Musaed Al Aiban and Dr Essam bin Saeed, Minister of State, were also present.

Mr El Sisi and the Crown Prince discussed relations and ways to bolster co-operation over suhoor, the meal Muslims eat before they start their dawn-to-dusk fast during Ramadan, late on Sunday, kingdom’s official state media SPA said.

The two leaders, who met in the Red Sea city of Jeddah, also reviewed regional and international issues, SPA said.

Saudi Arabia has supplied Egypt with billions of dollars in grants, central bank deposits and investments over the past 10 years to prop up the country’s crisis-prone economy.

Mr El Sisi, a former army general who has taken charge of the economy since taking office in 2014, has generously praised financial assistance from Gulf Arab states over the past decade.

Egypt, he said, could not have survived the political tumult and near economic meltdown after a 2011 uprising without aid from Gulf Arab nations.

“Reality may be different from what we see in the media or what we hear from politicians … even when it’s politicians who think they are in control,” Mr El Sisi said in the UAE in February.

“Make sure to thank God for the generosity we have received.”

Saudi Arabia has emphasised conditions of aid, with Finance Minister Mohammed Al Jadaan telling the World Economic Forum in Davos in January that assistance packages must be accompanied by reforms.

Mending ties with Saudi Arabia would be a significant win for Egypt whose economy is in the throes of an acute crisis chiefly caused by the fallout from the Russia-Ukraine war.

Over the past year, Egypt's currency has lost about 50 per cent of its value, inflation is at its highest level in more than five years and a dollar crunch continues to undermine local industries and curb imports.

In response, Egypt is offering investors stakes in 32 state enterprises, including banks and military-owned companies, to raise foreign currency.

It is hoping that Saudi Arabia and other Gulf Arab nations would seize the opportunity to add to their existing stakes in Egyptian companies.

Egyptian Finance Minister Mohammed Maait recently said his government would do everything it can to support Saudi investments in Egypt.