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Saudi Investment Minister Discusses Boosting Cooperation with Egyptian Transport, Industry Minister

Saudi Minister of Investment Eng. Khalid Al-Falih and Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir meet in Alamein. (SPA)
Saudi Minister of Investment Eng. Khalid Al-Falih and Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir meet in Alamein. (SPA)
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Saudi Investment Minister Discusses Boosting Cooperation with Egyptian Transport, Industry Minister

Saudi Minister of Investment Eng. Khalid Al-Falih and Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir meet in Alamein. (SPA)
Saudi Minister of Investment Eng. Khalid Al-Falih and Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir meet in Alamein. (SPA)

Saudi Minister of Investment Eng. Khalid Al-Falih and Egyptian Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir held talks on Thursday in Egypt’s city of Alamein.

The officials discussed fostering collaboration between Saudi Arabia and Egypt and explored avenues to boost investment opportunities in the industrial, transportation, and logistics sectors.

Saudi Ambassador to Egypt Saleh bin Eid Al-Husseini and a delegation of Saudi investors were present at the meeting.

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Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms

Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms
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Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms

Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms

Saudi Arabia's sovereign wealth fund PIF has signed six memorandums of understanding (MoUs) worth a total of $50 billion with leading Chinese financial institutions, the fund said in a statement on Thursday.

The MoUs were signed with Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export and Credit Insurance Corporation (SINOSURE), Export-Import Bank of China (CEXIM), and the Industrial and Commercial Bank of China (ICBC), the statement added, Reuters reported.

PIF said the MoUs covered areas of cooperation such as encouraging two-way capital flows via both debt and equity.

One of the world's largest sovereign wealth funds, Saudi Arabia's Public Investment Fund (PIF) has a sprawling portfolio of investments, from date farms to multinational conglomerates.

The kingdom's ambitious Vision 2030 plan aims to diversify its economy away from fossil fuels to develop a vibrant private sector.

China said in July it was ready to deepen cooperation in infrastructure, energy resources, green development and the digital economy, and welcomed Saudi companies such as its sovereign wealth funds and oil giant Aramco to continue to "take root" in China.