Arab Finance: Saudi Arabia has announced plans to increase investments in Egypt, as well as converting their deposits in Egypt into investments, as per a statement.

The announcement came during a meeting held today in New Alamein, where Prime Minister Mostafa Madbouly hosted Saudi Minister of Investment Khalid Al-Falih and his delegation.

The meeting, attended by key officials from both nations, focused on areas of joint cooperation.

Madbouly said that Egypt is keen to push bilateral relations between the two countries in all fields to higher levels, stressing that cooperation to increase joint investments is a priority for the two countries.

He noted the Egyptian government's efforts to resolve issues faced by investors, stating that 70% of Saudi investor problems in Egypt had been addressed.

The Saudi Public Investment Fund (PIF) currently has investments worth approximately $3 billion in Egypt.

The meeting concluded with a call to expedite the completion of the joint investment protection agreement.

 

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