Cairo – Mubasher: Egypt’s Minister of Investment, Ashraf Salman, has signed a memorandum of understanding (MOU) with the Saudi Public Investment Fund (PIF) during the Egyptian-Saudi Coordination Council meeting.

The PIF will inject SAR30 billion investments into Egypt, targeting to attract more Egyptian – Saudi investments in all Egyptian sectors, namely energy industry, tourism, and real estate development, said Ahmed Samir, investment ministry spokesperson.

The two parties will consider the types of investments after concluding the MOU in the fifth of meeting of the council.   

Earlier, Saudi King Salman gave directives to increase Saudi investments in Egypt to over SAR30 billion ($8 billion) in the coming period.