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Thursday, 5 November 2020

Saudi Arabia could be about to invest in Egypt alongside the Sovereign Fund of Egypt

Saudi Arabia could be about to invest in Egypt alongside the Sovereign Fund of Egypt: Saudi Arabia’s sovereign wealth fund is considering investing in Egyptian projects alongside the Sovereign Fund of Egypt, Saudi State Minister Issam bin Saad said during talks with Prime Minister Moustafa Madbouly and SFE head Ayman Soliman, according to a cabinet statement.The Public Investment Fund is currently studying a number of proposals put forward by the SFE, the statement said, without mentioning any specifics. The long-dormant Saudi-Egypt investment fund first proposed back in 2016 was also discussed during the meeting. Plans to create a joint SAR 60 bn fund have been gathering dust over the past four years, and an agreement to finally activate the vehicle in 2018 has so far come to nothing.

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