Saudi Arabia welcomes pumping money into Egypt's projects

Saudi Deputy Crown Prince Mohammed bin Salman bin said on Thursday that Saudi Arabia is interested in investing in Egyptian projects following the recent measures taken by Egypt to end red tape to attract more Arab and foreign investments.

He made the remarks after the end of the first Egyptian-Saudi coordination council's meeting that was held here on Wednesday.

The Saudi official asserted that his country is concerned with the projects put forward by the Egyptian side in the gathering.

He called for boosting bilateral economic cooperation and increasing joint investments so that Saudi Arabia can become a gateway of the Egyptian exports to Gulf states and Egypt can become a gateway of the Saudi exports to Africa.

Salman said the Saudi Public Investment Fund (PIF) and the companies of Aramco and SABIC will invest in a number of service and productive projects in Egypt.

For his part, Egypt's Prime Minister Sherif Ismail said the Egyptian and Saudi sides agreed to sign a number of proposed projects in mid December and implement them as soon as possible.

The suggested projects will cover sectors of petroleum, transportation, agriculture and education in Cairo and new urban communities.

In a related context, Egypt's international cooperation minister underlined that the Egyptian government is implementing a number of projects aiming at achieving high and fast growth rates, urging the Saudi side to pump more investments to attain that goal.