A deal for the Saudi Public Investment Fund (PIF) to invest in Egypt has been authorized by the Saudi Cabinet.
Dr. Mostafa Madbouly, Egypt’s Prime Minister, was present at the signing of an agreement between Egypt’s government and the Kingdom of Saudi Arabia’s government about the Saudi Public Investment Fund’s investment in Egypt on March 30.
Dr. Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of the Egyptian Sovereign Fund, and Dr. Essam bin Saeed, Cabinet Member and Minister of State for Shura Council Affairs, signed the agreement on behalf of the Egyptian government.
Egypt’s Cabinet announced that the Egyptian Sovereign Fund and the PIF will collaborate to invest $10 billion.
PIF boosts Saudi-Egypt economic relations
This agreement came as a result of meetings between the two countries to expedite the termination of procedures related to investment in Egypt through the Saudi Public Investment Fund, “in the context of the two countries’ desire to strengthen economic ties and relations between them, based on the directives of the two countries’ leaderships in this regard, in order to create conditions for favorable and greater opportunities for more investment,” according to the agreement.
The signed agreement aims to encourage and support the Saudi Public Investment Fund‘s investment in Egypt, as well as the Fund’s contribution to achieving Egyptian goals in attracting foreign currency investments, supporting the use of local labor, localizing modern technologies in the Egyptian economy, and transferring expertise related to the Fund’s investments in Egypt. It also aims to improve trade exchange between Egypt and Saudi Arabia and contributes to expanding the activities of both countries.