Saudi Arabia has pledged to invest $5 billion in Egypt as a first phase of investment, according to the Egyptian cabinet.
The decision was announced following a meeting between Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud and Egyptian Prime Minister Mostafa Madbouly in Riyadh.
The Saudi Public Investment Fund (PIF) has been directed to make the investment.
The Saudi crown prince expressed appreciation for Egypt’s efforts to address the concerns of Saudi investors and emphasized the importance of resolving remaining trade disputes to attract further investment.
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Madbouly stated that Egypt has resolved most of the challenges faced by Saudi investors, with only 14 disputes still pending resolution.
The PIF, established in 1971, is one of the world’s largest sovereign wealth funds.
Saudi Crown Prince , Prime Minister, Mohammed bin Salman Al Saud ,Egypt Mostafa Madbouly ,Riyadh, Saudi ,investors, Public Investment Fund (PIF)