Egypt, Saudi sign mutual investment and fuel deals

Egyptian and Saudi representatives yesterday signed deals regarding Saudi financial support for economic and development projects in the Sinai Peninsula and supplying Egypt with its fuel needs for five years, Al-Araby Al-Jadeed reported.

The Saudi funds will be used for development projects in agriculture and to build 26 residential compounds that would also include hospitals and schools in Sinai.

Saudi news agency SPA said that the Saudi-Egyptian Cooperation Council held its fifth meeting in Riyadh headed by Saudi Financial Minister Ibrahim Al-Assaf and Egypt’s International Cooperation Minister Sahar Nasr.

The next meeting is due to take place in Cairo, Egypt.

Saudi Arabia has provided billions of dollars in aid to Egypt since the 2013 ouster of President Mohamed Morsi. In December, Saudi King Salman Bin Abdulaziz pledged $8 billion in investment and aid to Egypt over five years.

King Salman is due to visit Cairo on 4 April.