Saudi fund agrees to pump new investments in Egyptian market

CAIRO - 26 October 2017: Investment and International Cooperation Minister Sahar Nasr wound up on Thursday her visit to Saudi Arabia by holding a series of meetings with investors and representatives of Arab funds.

The meetings came on the sidelines of the Future of Investment initiative conference chaired by Saudi Arabia’s Crown Prince Mohammed bin Salman with the participation of more than 2,500 prominent figures in the business community.

According to a statement by the minister, Nasr met with the Public Investment Fund CEO Yasser bin Othman Al Rumayyan and discussed increasing cooperation between the ministry and the fund and luring more Saudi investments to the Egyptian market.

The minister stressed that the Egyptian government is working hard to provide an investment-magnet atmosphere through ironing out all hurdles blocking investors and offering all needed facilities.

She agreed with the Saudi fund on pumping new investments in the Egyptian market within the coming period in the domains of agriculture, tourism, industry, health, education, construction and renewable energy, especially after the Egyptian-Saudi business council upped investment ceiling to Egypt to $51 billion.

Nasr also met with representatives of several Arab funds, including the Saudi Fund for Development and the Arab Fund for Economic and Social Development.

She said Egypt is looking forward to increasing cooperation with the Saudi Fund for Development as the current cooperation portfolio is estimated at $2.5 billion.

The minister also met with a number of investors from the UAE and Saudi Arabia for talks on the new investment law and facilities offered by the government to investors to carry out projects in needy areas.