Saudi Arabia, Egypt sign joint report on agreement for PIF’s investment in Egypt

Signing of the report

Saudi Arabia and Egypt signed a joint report on a draft agreement between the two countries on the Public Investment Fund (PIF)'s investment in Egypt, Saudi Press Agency reported.

The report was signed by Saudi Minister of State and Cabinet Member for Shura Council Affairs Essam bin Saad bin Saeed and the Egyptian Minister of Planning and Economic Development Hala Al-Saeed.

Al-Saeed is also the Chairman of the board of The Sovereign Fund of Egypt (TSFE).

The report was signed on March 16 in Cairo, in the presence of Egyptian Prime Minister Mostafa Madbouly.

The signing was attended by Egyptian Finance Minister Mohamed Maait, Saudi Ambassador to Egypt Osama bin Ahmed Naqli, PIF Deputy Governor and Head of the General Administration of Investments in the Middle East and North Africa Yazeed Al-Hamid, and CEO at TSFE Ayman Soliman.

The two sides stressed that this agreement is based on the close historical ties that unite Saudi Arabia and Egypt, as well as on directives of the leaderships of the two countries to strengthen cooperation that would support relations with easy access to procedures related to investment in Egypt through a fund public investments.