Egypt and Saudi Arabia sign the agreement – Archive
CAIRO – March 30, 2022: The Cabinet on Wednesday approved an agreement with the Saudi government allowing the Saudi Public Investment Fund to invest in Egypt.
The agreement, which was only signed on March 16 by the Minister of Planning and Economic Development and the Saudi Minister of State, aims to attract hard currency investment, employ labor local and nationalizing modern technology in the Egyptian economy.
The agreement comes within the framework of the close historical ties between Egypt and Saudi Arabia and is based on the directives of the leaders of the two countries to strengthen cooperation and seize all opportunities that support relations between them.
It also expedites the completion of procedures related to investment in the Arab Republic of Egypt through the Public Investment Fund.
The agreement is also the culmination of meetings held between the Public Investment Fund of the Kingdom of Saudi Arabia and the Ministry of Planning and Economic Development of the Arab Republic of Egypt, with their desire to accelerate the completion of the procedures related to the signature of the project.
It was signed by Hala Al-Saeed, Minister of Planning and Economic Development, Chairman of the Board of the Sovereign Wealth Fund of Egypt, and on behalf of the Saudi Government, Essam bin Saad bin Saeed, Minister of State and Member of the Council of Ministers for Shura Council Affairs.