The GOVERNMENT in Cairo announced today that the crown prince of the kingdom of Saudi Arabia has ordered the sovereign fund of that country to invest an initial five billion dollars in Egypt.
The cabinet states that the move by the Public Investment Fund would represent the first phase of new Saudi investments in Egypt, although no time frame was given, nor was it said what the money would be invested in, Bloomberg reported.
The announcement followed meetings in the Saudi capital of Riyadh between Egyptian Prime Minister Mostafa Madbouli and Crown Prince Mohammed bin Salman and Saudi Investment Minister Khalid Al-Falih.
The media notes that the countries of the Persian Gulf are a key source of investment for Egypt, which is emerging from a two-year economic crisis after securing $57 billion in aid, led by the International Monetary Fund and the United Arab Emirates.
The Emirates have foreseen a huge 35 billion dollars under the contract, which includes the rights to develop the main cities on the Mediterranean coast.
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Source: www.novosti.rs
