Cabinet approves agreement on Saudi Public Investment Fund investing in Egypt to attract hard currency, create jobs

CAIRO – 30 March 2022: The Cabinet approved on Wednesday 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, seeks to attract investments in hard currencies, employ local workforce, and nationalize modern technology in the Egyptian economy.

The agreement comes in the framework of the close historical ties that unite Egypt and Saudi Arabia and is based on the directives of the leaderships of the two countries to strengthen cooperation and take every opportunity that supports the 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 also comes as a culmination of the meetings held between the Public Investment Fund in the Kingdom of Saudi Arabia and the Ministry of Planning and Economic Development in the Arab Republic of Egypt, with their desire to expedite the completion of the procedures related to the signing of the project.

It was signed by Hala Al-Saeed, Minister of Planning and Economic Development, Chairman of the Board of Directors of the Sovereign 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.