Cairo-Mubasher: Prince Muqrin bin Abdul-Aziz Al-Saud, Saudi Arabia’s crown prince and deputy prime minister, will head the kingdom’s delegation to Egypt’s economic summit this week, said Saudi’s ambassador to Cairo, Ahmed bin Abdul-Aziz Kattan.

The Egypt Economic Development Conference (EEDC) will take place from 13-15 March in the Red Sea resort of Sharm El-Sheikh under the theme of “Egypt the Future”.

The prince will be accompanied by an official mission that will include ministers, key businessmen and investors, Kattan added.

The ambassador highlighted the deeply-rooted ties between the two countries, adding that bilateral cooperation is growing in several fields, especially the economy.

Last year Saudi Arabia initiated a call for such an economic conference to support Egypt’s economy, Kattan said, noting that the Gulf kingdom is regarded as the country’s biggest Arab investor.

Saudi Arabia’s late monarch King Abdullah called for Egypt to host a donor conference to prop up its economy shortly after the inauguration of Egypt’s President Abdel-Fattah El-Sisi in June 2014.

Saudi businessmen are gearing up to inject more investments in the Arab world’s most populous country, backed by optimism in the conference in light of the country’s strong growth potential.