Egypt's Prime Minister Mostafa Madbouly said on Thursday that a planned Saudi Arabian investment of $5 billion in Egypt is independent of funds the Gulf state has deposited in the country's central bank,

Egypt said Saudi Arabia’s crown prince has directed the kingdom’s sovereign wealth fund to invest an initial $5 billion in the North African country.

King Abdulaziz Al Saud declared long ago, “The Arabs cannot do without Egypt, and Egypt cannot do without the Arabs.” This profound statement underscores the unique nature of Egyptian-Saudi relations,

After decades of providing cash assistance, the kingdom will invest $5 billion in companies and projects that promise yield.

Egypt aims to welcome 15.2mln tourists in 2024, he noted, adding that the ministry has a plan to draw in 30mln tourists annually by 2031

The pledge comes after crown prince meets Egyptian Prime Minister in Riyadh; Details of the investment not known as yet

Saudi Crown Prince Mohammed bin Salman has directed his country's sovereign wealth fund to invest $5 billion in Egypt, Cairo's cabinet announced on Monday. Egypt said the $5 billion injection would be the “first phase” of Saudi investments through its Public Investment Fund.