Saudi Gazette report

CAIRO — Saudi Arabia and Egypt signed on Wednesday a joint draft on an agreement between the two countries to enable the Public Investment Fund's investment in Egypt.

The agreement was signed by Minister of State and Member of the Council of Ministers for Shoura Council Affairs Dr. Essam Bin Saad Bin Saeed and Egyptian Minister of Planning and Economic Development Dr. Hala Al-Saeed. The Egyptian Prime Minister Dr. Mostafa Madbouly was present as well.

The two sides stressed that this agreement stems from the close historical ties that unite the Kingdom and Egypt. It also is based on the directives of the leaderships of the two countries to strengthen cooperation and expedite the procedures related to investment in Egypt through PIF.

The agreement also comes as a culmination of the meetings held between the Public Investment Fund in the Kingdom and the Ministry of Planning and Economic Development in Egypt, and their desire to expedite the completion of the procedures related to the signing of the project.