Saudis and Egypt seal agreements
Print Edition
EGYPT and Saudi Arabia signed an agreement late on Saturday to set up a 60 billion Saudi riyal (US$16 billion) investment fund among other investment agreements including an economic free-zone to develop Egypt’s Sinai region, Egyptian state television reported.
The signing of the agreement took place in Egypt's Abdeen palace in the presence of Egypt’s President Abdel Fattah al-Sisi and Saudi’s King Salman, during a rare four-day visit to Egypt.
Egypt has struggled to spur economic growth since the 2011 uprising ushered in political instability that scared off tourists and foreign investors, key sources of foreign currency.
Egyptian state TV said the agreement was to establish “a Saudi-Egyptian investment fund with a capital of 60 billion riyals between the Saudi Public Investment Fund and the entities belonging to it and the Egyptian government and the entities that belong to it.”
A memorandum of understanding was also signed between the Saudi Public Investment Fund and the Egyptian International Cooperation Ministry to set up an economic free-zone in Sinai. No other details were given.
The two countries also signed agreements to develop a 2,250-megawatt electricity plant which cost US$2.2 billion, set up agriculture complexes in Sinai and develop a canal to transfer water, a statement from the presidency said.
The statement also said a company was set up to develop six square kilometers of the industrial zone around Egypt’s Suez Canal.
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