Saudi Arabia’s PIF to inject $5b investment in Egypt

Saudi Arabia’s Crown Prince Mohammed bin Salman said on Monday the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) will inject $5 billion in Egypt as a first phase of investments.

Prince Mohammed made his remarks during his meeting with Egyptian Prime Minister Moustafa Madbouly and his accompanying delegation, which included Minister of Finance Ahmed Kouchouk, and Minister of Investment Hassan El-Khatib and top ranked officials.

The Saudi Crown Prince proposed establishing a joint coordination council with Egypt, with the initial meeting scheduled for next October.

For his part, Prime Minister Madbouly emphasised the aim of his visit to Saudi Arabia to support and strengthen the economic ties between the two countries.

He announced the completion of the technical terms for the Egyptian-Saudi investment protection and encouragement agreement, saying the constitutional procedures for signing and ratification would be undertaken soon.

Moreover, Prime Minister Madbouly highlighted the Egyptian government’s success in resolving most of the problems faced by Saudi investors in Egypt, with only 14 disputes remaining to be addressed.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama