Saudi Arabia and Egypt signed an agreement to protect and encourage investments between the two countries, which opens the door for Saudi companies invest in the Arab Republic

It comes amid speculation about possible Saudi investments in Egypt. In September, Egypt’s prime minister said that Saudi Arabia was seeking to invest $5 billion in Egypt, separately from the money it has deposited in the central Egyptian bank.

Egyptian President Abdel Fattah El-Sisi and Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud have jointly called for de-escalation and a lasting ceasefire in Gaza and Lebanon amid escalating violence and increased US military presence in Israel, which have worsened the humanitarian crisis in the Middle East.