Saudi PIF inks MoU to invest SAR 30 bln in Egypt

Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, signed a memorandum of understanding (MoU) to invest up to SAR 30 billion in Egypt’s energy, tourism and housing sectors, local media reported, citing ministry a spokesperson.

The preliminary agreement, which was also signed by Egypt’s ministry of investment, was announced during the Egyptian-Saudi Coordination Council held in Riyadh on Sunday.

The fund will review a variety of investment opportunities before selecting the best options, the spokesperson said, adding that both parties would prepare feasibility studies.

The agreement comes after King Salman said in December that the kingdom would scale up its investments into Egypt.