Egypt is still in a state of euphoria despite escalating tensions in the Middle East and spillover effects causing disruptions in the Red Sea. There was more good news recently when Saudi Crown Prince Mohammed bin Salman announced that Saudi Arabia will invest $5bn in Egypt. Details of the investment are vague, but news agencies have said that it is likely to be fresh FX inflows and not a conversion of deposits already held at the local central bank.
Egypt: Euphoria continues with more investments on the way