Government sources: A new Saudi grant for Egypt

Egyptian President Abdel Fattah al-Sisi (L) is welcomed by Saudi Arabia’s King Salman bin Abdulaziz Al Saud (R) with an official ceremony in Riyadh, Saudi Arabia on 23 April 2017 [Bandar Algaloud / Saudi Kingdom Council / Handout]

Government sources have stated that a senior Saudi official arrived in Egypt two days ago to sign an agreement for a grant to Cairo.

Sources today Al-Masry Al-Youm that an Egyptian-Saudi committee concerned with managing the grant is holding a meeting in Cairo today.

Ahmad Al-Wakil, chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) and member of the Egyptian-Saudi committee, said that a delegation from the Saudi Chambers of Commerce would be visiting Cairo early next month.

Al-Wakil added that the Saudi delegation would also participate in a major conference, starting on 2 December, regarding the future of the Egyptian economy. He also noted that the joint committee would hold a meeting in Cairo on the sidelines of this conference.

The committee will also monitor the situation of the current Saudi investments in Egypt, stressing that their production and financial situations are stable and are operating normally.

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