Egypt’s House of Representatives approves Saudi PIF deal

SMA NEWS – CAIRO
Egypt’s House of Representatives, the lower house of Parliament, has approved an agreement signed in March between Cairo and Riyadh regarding Saudi Arabia’s Public Investment Fund.

The agreement aims to encourage, support and protect PIF investments in Egypt, enhance bilateral trade, and expand both countries’ investments in other countries regionally and internationally.

The PIF, established in 1971, is one of the largest sovereign wealth funds in the world, with assets estimated at $620 billion.