Saudi Arabia and Egypt have signed 21 agreements and memorandums of understanding (MoUs) representing Saudi investments of in Egypt.

The agreements, signed during Custodian of the Two Holy Mosques King Salman bin Abdulaziz’s four-day official visit to Egypt, include the establishment of a Saudi-Egyptian Fund for Investment with a capital of $16 billion among the investment fund and its affiliated entities and those therewith with the Egyptian government and its affiliated entities and those therewith; memorandum of understanding between the Saudi Public Investment Fund and the Egyptian Ministry of International Cooperation for the establishment of a free economic zone in Sinai Peninsula; and agreements to develop the Sinai Peninsula under the King Salman bin Abdulaziz Program for the Development of Sinai Peninsula.

The agreements also establish a $2.2 billion 2250- megawatt electricity plant in the Sinai; the construction of poultry production village in Sinai; and the establishment of a $300 million six square kilometers of the industrial zone around Egypt's Suez Canal.