Cairo - Mubasher: The Saudi Public Investment Fund (PIF) is expected to invest $5 billion in Egypt as part of the first phase of investments in the Arab Republic, according to an official statement.

Egypt’s Prime Minister, Mostafa Madbouly, announced the investment plans following a meeting with Saudi Crown Prince Mohammed bin Salman and Investment Minister, Khalid Al Falih, in Riyadh.

Meanwhile, Hassan El-Khatib, the Egyptian Minister of Investment and Foreign Trade, also met with Raad Hassan, Vice President of Saudi ACWA Power Company, to discuss a new project in Egypt with an estimated investment cost of $1.50 billion.

In December 2023, the energy solutions company sealed a deal to develop a green hydrogen project in the Arab Republic at an investment exceeding $4 billion.

It is worth highlighting that the size of the group's investment portfolio in Saudi Arabia and various countries worldwide exceeds tens of billions of dollars, and it is $15 billion in Uzbekistan alone.