{"id":630894,"date":"2018-03-05T04:31:50","date_gmt":"2018-03-05T04:31:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/05\/egypt-saudi-agree-to-establish-sar-60-bn-joint-investment-fund-deepen-cooperation-during-sisi-and-mbs-first-meeting\/"},"modified":"2018-03-05T04:31:50","modified_gmt":"2018-03-05T04:31:50","slug":"egypt-saudi-agree-to-establish-sar-60-bn-joint-investment-fund-deepen-cooperation-during-sisi-and-mbs-first-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/05\/egypt-saudi-agree-to-establish-sar-60-bn-joint-investment-fund-deepen-cooperation-during-sisi-and-mbs-first-meeting\/","title":{"rendered":"Egypt, Saudi agree to establish SAR 60 bn joint investment fund, deepen cooperation during Sisi and MbS\u2019 first meeting"},"content":{"rendered":"

<\/a> Cairo and Riyadh to establish SAR 60 bn joint investment fund, sign three other MoUs on Sisi and MbS\u2019 first day of meetings:<\/strong> Egypt\u2019s Investment and International Cooperation Ministry and Saudi Arabia\u2019s Public Investment Fund signed an MoU yesterday to activate a 2016 agreement to establish a SAR 60 bn (USD 16 bn) joint Egyptian-Saudi investment fund, Reuters\u2019 Arabic service reports<\/a>. A Saudi official told Reuters that Riyadh's part of the new joint investment fund will be cash to help develop the Egyptian side of NEOM<\/strong> (robot utopia). Long time readers of Enterprise will remember that an initial agreement for the fund was signed during King Salman\u2019s visit to Cairo in 2016, though nothing had come of it since.<\/p>\n

Officials from both sides also signed MoUs yesterday covering cooperation between labor and freezone authorities<\/strong>, and another on cooperation on environmental protection, according to Al Ahram<\/a>. The Washington Post is<\/p>\n

The agreements were inked during a summit between President Abdel Fattah El Sisi and Saudi Crown Prince Mohammed bin Salman,<\/strong> who is in Cairo for the first leg of his first public foreign trip since he became heir to the throne. The two leaders agreed that there is a need for additional cooperation across the board \u201cto reflect the depth of strategic ties,\u201d particularly on the fronts of economy and investment, and especially in tourism along the Red Sea Coast, an Ittihadiya statement says<\/a>.<\/p>\n

MbS and his delegation will be accompanying El Sisi on a number of visits to ongoing project sites during their three-day stay,<\/strong> according to Ittihadiya spokesperson Bassam Rady<\/a>, who did not elaborate on the schedule. Sources tell Al Mal<\/a>, though, that Monday\u2019s agenda includes a trip to Ismailia and the Suez Canal, as well as the inauguration of a new hotel. Other sources tell The National<\/a> that the \u201cprince will underscore his commitment to Egyptian youth by pledging to build a new university in the Sinai.\u201d<\/p>\n

Both leaders also said they would continue the close coordination of efforts to resolve ongoing regional disputes and challenges<\/strong>, agreeing to \u201cwork together to fend off attempts at regional intervention and division.\u201d Counterterrorism and Saudi\u2019s efforts against Houthi rebels in Yemen were among the topics discussed<\/a>.<\/p>\n

The story is topping coverage of Egypt in the foreign press<\/strong>, with pickups from Reuters<\/a>, The Associated Press<\/a>, AFP<\/a>, Asharq Al-Awsat<\/a>, and Xinhua<\/a>, who seem mostly focused on the trip meaning to \u201cdeepen the alliance between two of the region\u2019s powerhouses.\u201d<\/p>\n

The Saudi prince will fly to London on Wednesday<\/strong> before he heads across the pond<\/a> to the US on 19 March. \u201cHe is trying to reach out to Western investors to let them know that what happened in the past few months is nothing to be worried about\u2014in fact this is an opportunity,\u201d Alef Advisory founder Hani Sabra tells the Wall Street Journal (paywall)<\/a>. The Center for American Progress\u2019 Brian Katulis agrees, saying that \u201cthey are coming here to tell the story about how Saudi Arabia is reforming its economy and letting women drive.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Cairo and Riyadh to establish SAR 60 bn joint investment fund, sign three other MoUs on Sisi and MbS\u2019 first day of meetings: Egypt\u2019s Investment and International Cooperation Ministry and Saudi Arabia\u2019s Public Investment Fund signed an MoU yesterday to activate a 2016 agreement to establish a SAR 60 bn (USD 16 bn) joint Egyptian-Saudi […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630894","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d156d108-c8f7-42e1-b837-9d449da16a78","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[630887],"teaser":"","voice_url":""},"yoast_head":"\nEgypt, Saudi agree to establish SAR 60 bn joint investment fund, deepen cooperation during Sisi and MbS\u2019 first meeting - 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The fund\u2019s mandate will focus on \u201cpriority sectors\u201d including tourism,\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575991,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/saudi-arabia-could-be-about-to-invest-in-egypt-alongside-the-sovereign-fund-of-egypt\/","url_meta":{"origin":630894,"position":2},"title":"Saudi Arabia could be about to invest in Egypt alongside the Sovereign Fund of Egypt","author":"enterpriseam admin","date":"5 November 2020","format":false,"excerpt":"Saudi Arabia could be about to invest in Egypt alongside the Sovereign Fund of Egypt: Saudi Arabia\u2019s 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632180,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/05\/sar-60-bn-investment-fund-is-still-on\/","url_meta":{"origin":630894,"position":3},"title":"SAR 60 bn investment fund is still on","author":"enterpriseam admin","date":"5 February 2018","format":false,"excerpt":"Remember that SAR 60 bn investment fund announced during King Salman\u2019s visit in 2016? It\u2019s apparently still in the works and came up during the Egyptian-Saudi Business Council talks last week. Both sides of the council agreed that investments under the fund will primarily come from the Saudi government, deputy\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622172,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/el-sisi-holds-talks-with-mbs-on-egypt-saudi-investment-and-joint-projects\/","url_meta":{"origin":630894,"position":4},"title":"El Sisi holds talks with MbS on Egypt-Saudi investment and joint projects","author":"enterpriseam admin","date":"28 November 2018","format":false,"excerpt":"President Abdel Fattah El Sisi held talks yesterday with Saudi Crown Prince Mohammed bin Salman, who landed in Cairo on Monday, according a statement from Ittihadiya. The two discussed collaboration on investment, economic, and national security issues as well as regional diplomacy. Reports of the USD 5 bn King Salman\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/328.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591562,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/alameriah-investment-company-to-invest-egp-15-bn-in-egypts-new-alamein\/","url_meta":{"origin":630894,"position":5},"title":"Alameriah Investment Company to invest EGP 15 bn in Egypt\u2019s New Alamein","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"INVESTMENT WATCH- Alameriah Investment Company is \u201cgearing up\u201d to invest EGP 15 bn in New Alamein City, Chairman Bandar Al Ameri said during a meeting between the Egyptian-Saudi Business Council and Prime Minister Moustafa Madbouly, according to a cabinet statement. 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