31 Mar 2022

The Egyptian Cabinet has approved a draft investment agreement between Egypt and Saudi Arabia. The agreement entails cooperation between the SFE (The Sovereign Fund of Egypt) and the PIF (The Saudi Public Investment Fund). The two sovereign funds are looking to work together on investments in Egypt worth USD10bn in the coming period. Some of the sectors targeted for investment include healthcare, education, agriculture, and finance. This follows Saudi Arabia’s decision to deposit USD5bn at the CBE (Central Bank of Egypt) to support Egypt’s foreign reserves. (Source: Reuters (English), Saudi Press Agency (English) (Arabic), al-Ahram (English), Egypt Today (English), Business Today Egypt (English), al-Maal, al-Youm al-Saabe, al-Masry al-Youm, Masrawy, Middle East News Agency, al-Sharq Business, al-Arabiya, RT, Sputnik, Xinhua)