UPDATE 1-Saudi, Egyptian private sector deals amount to $15 bln injection into Egypt

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DUBAI, Oct 16 (Reuters) – Investment deals between the Saudi and Egyptian private sectors will amount to a $15 billion injection into Egypt’s economy, the head of the Saudi-Egyptian Business Council, Bandar al-Ameri, told Al-Arabiya TV on Wednesday.

The investment deals come on the heels of an agreement signed in Cairo on Tuesday by Saudi Crown Prince Mohammed bin Salman and Egypt’s President Abdel Fattah al-Sisi to encourage and protect mutual investments between the two countries.

The deals include investments in renewable energy, industry, real estate development, tourism, and technology, al-Ameri added.

“These agreements are new and were awaiting the signing of the investment protection agreement between the two countries,” Al-Arabiya TV said, citing al-Ameri.

The crown prince, known as MbS, agreed with Sisi during his visit to Cairo on Tuesday to deepen trade and investment cooperation as Egypt seeks large investments to tackle a long-running economic crisis. (Reporting by Nayera Abdallah Editing by Louise Heavens and Gareth Jones)

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