The Cabinet approved during its weekly meeting under Prime Minister Mostafa Madbouli on Wednesday a presidential decree on an Egyptian-Saudi agreement to encourage Saudi investments in Egypt.
The agreement aimed at encouraging and supporting the Saudi Investment Fund in Egypt and protecting its investments as well as supporting local technologies and increasing investments.
According to the deal, Egypt is committed to offering technical support for investment projects carried by the Saudi fund.
The cabinet also agreed that Egyptian National Railways contract with Voestalpine company to take part in establishing a company for operating and developing Abbasia workshop for producing and assembling rail extensions.
Voestalpine is an Austrian steel-based technology and capital goods group based in Linz, Austria. The company is active in steel, automotive, railway systems, profilform and tool steel industries. As of 2017, it is one of the few profitable steel companies in Europe.
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