Egypt and Saudi Arabia have signed an agreement for a joint investment fund. An official statement from Egypt’s state TV channel said the move would set up “a Saudi-Egyptian investment fund with a capital of SR60bn [$16bn] between the Saudi Public Investment Fund and the entities belonging to it, and the Egyptian government and the entities that belonging to it”.

The move comes amid a growing number of economic ties between the two countries, since the overthrow of the Muslim Brotherhood in Egypt. Leaders of both countries have vowed to continue to strengthen their economic and political links.

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Other economic projects the two have recently agreed to work on include a $100m power plant in western Cairo as well as the construction of a bridge over the Red Sea connecting the two countries with the aim of increased trade, according to Egypt’s state information services.