Saudi Arabia and Egypt on Wednesday signed an agreement for the investment by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of at least $500 billion.
The agreement was signed by Saudi Minister of State and Cabinet’s Member for Shura Council Affairs Dr Essam bin Saad bin Saeed and the Egyptian Minister of Planning and Economic Development. in the presence of the Egyptian Prime Minister Dr. Mostafa Madbouly.
The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab Republic of Egypt as well as on directives of the leadership of the two countries to strengthen cooperation. The agreement would provide the two countries with easy access to procedures related to investment in Egypt through a fund public investments.