Wed, 05 Oct 2022

RIYADH, Aug. 5 (Xinhua) -- Saudi Arabia's Public Investment Fund (PIF) announced on Friday the launch of a Saudi-Egyptian company to invest in Egypt's agriculture, infrastructure, real estate development and health care, the Saudi Press Agency reported.

The move aims to broaden the access of the Saudi sovereign wealth fund, its affiliates, and the Saudi private sector to investment opportunities in Egypt.

Yazeed Alhumied, deputy governor of the PIF, said the new company was part of the PIF's regional and international expansion.

Under a five-year strategy PIF announced in early 2021, it planned to inject 150 billion Saudi Riyals (40 billion U.S. dollars) annually into the local economy and contribute 1.2 trillion Riyals to the non-oil economy cumulatively by 2025.

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