Saudi Arabia to inject investments worth 30bn riyals into Egypt

The Egyptian Minister of Investment Ashraf Salman arrived began a visit to Saudi Arabia on Sunday aimed at promoting investments between the two countries.

A statement issued Sunday says that as part of his activities include holding a meeting with the Saudi-Egyptian Coordinating Council in the Saudi capital, Riyadh. He is also scheduled to sign a memorandum of understanding (MoU) between the Investment Ministry and the Saudi Public Investment Fund.

“The visit comes as part of the fraternal relations between the two countries and peoples, and will promote joint investments between the two countries in various sectors, especially in energy, tourism and housing,” said Investment Ministry spokesperson Ahmed Samir.

According to Samir, the MoU states an initial investment of 30 billion riyals from Saudi Arabia to Egypt, as the first in a series of planned capital injections.