Cairo, Mar 16, 2022, SPA -- The Saudi Minister of State and Cabinet's Member for Shura Council Affairs Dr. Essam bin Saad bin Saeed and the Egyptian Minister of Planning and Economic Development, who is also the Chairman of the Board of Directors of The Sovereign Fund of Egypt (TSFE) Dr. Hala Al-Saeed, signed in Cairo today a joint report to agree on a draft agreement between the governments of the Kingdom of Saudi Arabia and the Arab Republic of Egypt about the Public Investment Fund (PIF)'s investment in Egypt, in the presence of the Egyptian Prime Minister, Dr. Mostafa Madbouly. The signing was attended by Egyptian Finance Minister Mohamed Maait; Saudi Ambassador to Egypt Osama bin Ahmed Naqli; PIF Deputy Governor and Head of the General Administration of Investments in the Middle East and North Africa Yazeed Al-Hamid and chief executive officer at The Sovereign Fund of Egypt Ayman Soliman. The two sides stressed that this agreement based on the close historical ties that unite the Kingdom of Saudi Arabia and the Arab Republic of Egypt as well as on directives of the leaderships of the two countries to strengthen cooperation that would support relations between the two countries with easy access to procedures related to investment in Egypt through a fund public investments. --SPA 23:07 LOCAL TIME 20:07 GMT 0041 www.spa.gov.sa/w1708253