Egypt and Saudi Arabia signed on Wednesday an agreement to increase Riyadh's investments in the Egyptian real estate sector.

The accord was reached between Saudi-Egyptian Construction Company (SECON) and Banque Misr and the National Bank of Egypt.

Further investments of EGP 508 million will be pumped into SECON projects.

The firm is model of success of partnership between the Saudi and Egyptian governments, said Saudi Assistant Finance Minister Mohamed bin Hammoud.

Riyadh is keen on increasing its investments in the joint firm, he added.