Saudi Arabia, Egypt to sign $8bn investment deal Sunday

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) will sign a preliminary agreement Sunday to invest up to 30 billion Saudi riyals ($8 billion) in Egypt’s energy, tourism, and housing sectors.

The agreement will be signed by Egyptian Minister of Investment Ashraf Salman.

The planned investments are part of Saudi King Salman’s announcement made last December about the kingdom’s plans to increase investments in Egypt.

Public Investment Fund is a sovereign wealth fund of the Government of Saudi Arabia. It seeks to invest through equity, loans or guarantees, and through allocations of public funds to specific projects. The firm provides medium and long-term loans to the large-scale government and private industrial projects. It invests in telecoms, aerospace, energy, green technologies, and security with a particular focus on housing finance, renewable energy and information technology. The firm invests and finances projects in Saudi Arabia. Public Investment Fund was founded in 1971 and is based in Riyadh, Kingdom of Saudi Arabia.