RIYADH: Saudi Arabia and Egypt have signed a joint agreement regarding investment by the Kingdom’s Public Investment Fund in the North African country, Saudi Press Agency reported.

The agreement was signed by Saudi Minister of State Essam bin Saad bin Saeed and Egypt’s Minister of Planning and Economic Development Hala Al-Saeed in the presence of Egyptian Prime Minister Mostafa Madbouly.

Both parties stressed that the agreement stems from the close historical ties that unite the Kingdom and Egypt.

The agreement is the culmination of meetings held between the PIF and the Ministry of Planning and Economic Development in Egypt and their keenness to accelerate the procedures necessary to the signing of the project. 

This move comes amid other investments by the PIF across the Middle East as it aims to become the region’s anchor investor.

Such investments include the Arab Bank in Amman as well as the Saudi Jordanian Investment Fund, and Bahrain’s ASMA capital.