The Egyptian Minister of Investment arrived in Riyadh on Sunday on a visit aiming to promote investments between Egypt and Saudi Arabia.
The minister will attend a meeting with the Saudi-Egyptian Coordinating Council in the Saudi capital. He is also scheduled to sign a memorandum of understanding (MoU) between the Investment Ministry and the Saudi Public Investment Fund.
"The visit comes as part of the fraternal relations between the two countries and peoples, and will promote joint investments between the two countries in various sectors, especially in energy, tourism and housing," said Investment Ministry Spokesperson Ahmed Samir.
According to Samir, the MoU states an initial investment of 30 billion riyals from Saudi Arabia to Egypt, as the first in a series of planned capital injections.
Among the terms of the MoU, it is requested that the ministry put forward investment projects to the Saudi Public Investment Fund. The Fund will then study the proposals for approval. Projects should cover different economic sectors, the MoU specifies, in particular the sectors of energy, tourism, and urban development.
The two countries will also coordinate on studies looking into the technical, economic, financial and environmental feasibility of projects, and will consult each other on the establishment of companies, according to Samir.
The ministry will facilitate and follow up on the legal procedures needed for the projects, he added.
Edited translation from Al-Masry Al-Youm