CAIRO — The Minister of State and Cabinet Member for Shoura Council Affairs Dr. Essam Bin Saad Bin Saeed, currently on a visit to Egypt, met here Wednesday with the Egyptian Prime Minister, Dr. Mostafa Madbouly.

During the meeting, Dr. Madbouly stressed Egypt's keenness to deepen economic and investment cooperation with Saudi Arabia, pointing out that the Kingdom is a key partner and strategic ally of Egypt, hailing the two countries' historical and deep-rooted ties.

He also expressed his happiness at signing the agreement regulating the investment procedures of the Saudi Public Investment Fund (PIF) in Egypt, within the framework of the two countries' desire to strengthen bilateral ties and economic relations.

Dr. Madbouly explained that the agreement would speed up the process of attracting more Saudi investments to the Egyptian market, expressing his thanks for the efforts of officials from both sides that resulted in the signing of this agreement.

He also expressed his sincere appreciation for the efforts of the Kingdom for this great support and cooperation in the field of investment.

The Egyptian prime minister drew attention to the fact that the coming period will witness quick measures to attract investments worth $10 billion, in cooperation between Egypt's Sovereign Fund and PIF.

For his part, Dr. Bin Saeed expressed his thanks to the Egyptian Prime Minister, the Minister of Planning and Economic Development and the Sovereign Fund of Egypt for their great efforts to come out with this cooperation that benefits the two peoples, pointing out that the agreement reflects the close, solid and historical relations between the two countries.

He also stated that PIF has many opportunities and investments that it will offer to Egypt, whether through Egypt's Sovereign Fund, or through partnership with the private sector.

He noted that the investments aim to cooperate in the field of localizing modern technologies in the Egyptian economy, as well as creating more job opportunities, which is the most important part of the development march in any country, will also include other sectors such as the education, health, especially medicine, agriculture, economic, and development as well as the financial one.

He further said, "We do not intend to invest in one field, but rather to diversify investments in a way that benefits the two peoples, and not only benefits the investor." He added that the Kingdom's cooperation with Egypt comes from the standpoint of brotherhood and strategic relations between the two brotherly countries." — SPA