Egyptian President Abdel Fattah al-Sisi speaks on during a press conference with his Russian counterpart (unseen) following their talks at the presidential palace in the capital Cairo on Dec 11, 2017. (PHOTO / POOL / AFP)
CAIRO – Egyptian President Abdel Fattah al-Sisi is travelling to Saudi Arabia on Sunday, according to three diplomatic sources, as Cairo continues to seek financial inflows to ease pressure on its currency and bolster its economy.
Oil-rich Riyadh has long provided financial support to Cairo and the trip also comes amid a major diplomatic realignment in the region, with moves by Saudi Arabia and Egypt to ease tensions with Syria, Iran and Türkiye.
Saudi Arabia and its Gulf allies have repeatedly come to Egypt's help since Sisi led the ouster of Mohamed Mursi of the Muslim Brotherhood a decade ago
ALSO READ: Egypt, Saudi Arabia ink deals worth $7.7b on crown prince's visit
There was no immediate official comment from Egypt or Saudi Arabia on the visit.
Saudi Arabia and its Gulf allies have repeatedly come to Egypt's help since Sisi led the ouster of Mohamed Mursi of the Muslim Brotherhood a decade ago.
When Egypt's financial difficulties were exposed and exacerbated by the fallout from the conflict in Ukraine last year, Saudi Arabia, the United Arab Emirates and Qatar made deposits in Egypt's central bank and pledged major new investments.
But those investments have been slow to materialize, putting new pressure on the Egyptian pound in recent weeks despite the currency losing nearly half its value against the dollar since March 2022.
READ MORE: Saudi crown prince 'to visit Egypt June 20 on regional tour'
Egypt signed a $3 billion rescue plan with the International Monetary Fund in December that targeted $9.7 billion in foreign direct investment in the financial year ending in June 2023.