Arab Finance: Egypt is seeking to sign a bilateral agreement with Saudi Arabia to protect and encourage investments between the two countries before the end of August, Egyptian Minister of Investment and Foreign Trade Hassan ElKhatib told Asharq Business.

ElKhatib revealed that the General Authority for Investment and Free Zones (GAFI) is currently establishing a special office for Saudi investments.

This new office will begin operations soon, the minister noted.

Earlier, Saudi Minister of Investment Khalid Al-Falih expressed his country’s keenness to increase investments in Egypt, as well as convert their deposits in Egypt into investments.

The Saudi Public Investment Fund’s (PIF) current investments in Egypt are worth approximately $3 billion.

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