Egypt and Saudi Arabia signed an agreement late on Saturday to set up a SAR60 billion investment fund among other investment agreements including an economic free-zone to develop Egypt's Sinai region, Egyptian state television reported. Egyptian state TV said the agreement was to establish "a Saudi-Egyptian investment fund with a capital of SAR60 billion between the Saudi Public Investment Fund and the entities belonging to it and the Egyptian government and the entities that belong to it." A memorandum of understanding was also signed between the Saudi Public Investment Fund and the Egyptian International Cooperation Ministry to set up an economic free-zone in Sinai. No other details were announced. The two countries also signed agreements to develop a 2,250 MW electricity plant at a cost of USD2.2 billion, set up agriculture complexes in Sinai, and develop a canal to transfer water, a statement from the Presidency said. (Reuters)