The establishment of an Egyptian-Saudi investment fund proves that the Egyptian economy has the tools and mechanisms to grow and offer promising opportunities, Investment Minister Dalia Khorshid said.

It also highlights Saudi Arabia’s leading role in supporting the Egyptian economy, Khorshid said after the signing ceremony for the fund’s establishment.

The fund will target the different promising sectors that enjoy competitiveness advantages and lucrative returns, such as real estate development, industrial cities, tourism, services and energy, she said.

The fund’s main task will be promoting joint investments in the different economic sectors and setting up commercial entities capable of engaging in safe and sustainable investments, the Egyptian minister said.

The minister signed the 60-billion-riyal fund agreement on Saturday with Saudi Deputy Crown Prince, Second Deputy Prime Minister and Defense Minister Mohammed bin Salman on the sidelines of Saudi King Salman bin Abdulaziz’s ongoing Cairo visit.