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Egypt to take quick measures to attract $10B Saudi investments

Egypt to take quick measures to attract $10B Saudi investments

The Egyptian Prime Minister Dr. Mostafa Madbouly witnessed today, the signing ceremony of an agreement between the government of the Arab Republic of Egypt and the government of the Kingdom of Saudi Arabia, regarding the investment of the “Saudi Public Investment Fund” in the Arab Republic of Egypt.

It was signed on behalf of the Egyptian government by Dr. Hala El-Said, Minister of Planning and Economic Development, Chairperson of the Board of Directors of The Sovereign Fund of Egypt (TSFE), and on behalf of the Government of the Kingdom of Saudi Arabia, Dr. Essam bin Saeed, Cabinet Member and Minister of State for Shura Council Affairs.

The signing of this agreement comes as a culmination of the meetings held between the two brotherly countries to expedite the completion of procedures related to investment in Egypt through the Saudi Public Investment Fund.

The agreement also comes within the framework of the two countries’ desire to strengthen economic ties and relations between them, based on the directives of the leadership of the two countries in this regard.

The signed agreement aims to encourage and support the Saudi Public Investment Fund to invest in Egypt, and to contribute to achieving the Egyptian objectives of attracting investments in foreign currencies, supporting the use of national labor, localizing modern technologies in the Egyptian economy, and transferring expertise related to the Fund’s investments in Egypt.

This will enhance trade exchange between Egypt and Saudi Arabia, and contribute to the expansion of the two countries’ activities and investments in other countries at the regional and international levels.

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