Riyadh and Cairo inked a memorandum of understanding (MoU) for the establishment of a joint investment fund, with a capital of $16b, to be created between Saudi Public Investment Fund and its entities, and the Egyptian government and its entities, wrote Reuters.

The MOU forms one of the numerous agreements formed during King Salman’s visit to Egypt.

Saudi King Salman explained that the Saudi share in the investment fund is the equivalent of 50%, while the Egyptian side will provide the remaining 50% of the fund’s capital, to be paid in Egyptian pounds, added Daily News Egypt.

In addition, an economic free-zone will be developed in Egypt’s Sinai region, and a company has also reportedly been established to develop 6sqkm of industrial areas around Egypt’s Suez Canal, worth $3.3b, wrote Construction Week Online.