Egypt and Saudi Arabia will sign 12 memorandums for Saudi investments in Cairo as a joint committee by both countries convenes in Riyadh on January 5, according to an Egyptian government official.
The committee’s meeting will be chaired by Egypt’s Prime Minister Sherif Ismail and Saudi Deputy Crown Prince Mohamed bin Salman along with a number of ministers from both governments.
The official explained that the deals come as part of an investment package declared in early December by King Salman bin Abdulaziz worth 30 billion riyals (nearly US$8 billion).
The agreements are to be signed between the Saudi Fund for Development and the Egyptian International Cooperation Ministry, as well as between the Egyptian Investment Ministry and the Saudi Public Investment Fund.
The partnership-based investments will cover housing, electricity, finance, education, culture, media, petroleum, labor, tourism and transport sectors, according to the official.
Edited translation from Al-Masry Al-Youm
