Egypt and Saudi Arabia signed a number of additional agreements on Saturday worth SAR 60 billion (USD 15.9 billion) including a joint-Saudi-Egyptian investment fund and a free-trade zone to develop Egypt's Sinai.

The signing of the agreements took place in presence of Egyptian President Abdel-Fattah Al-Sisi and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud who is currently in Egypt on an official five-day visit.

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 trade zone in Sinai.

A company was setup to develop six square kilometers of the industrial zone around Egypt's Suez Canal worth USD 3.3 billion.

The investments are part of a change in strategy from Saudi Arabia to focus more on financial support that will also benefit Saudi Arabia with return on investment.

Presidential Spokesman Ambassador Alaa Youssef said President Al-Sisis and King Salman stressed the need to follow up on what was recently signed of agreements.

President Al-Sisi also expressed his happiness for the results of the visit which reflects the Saudi interest in enhancing cooperation.

The Saudi king is scheduled to deliver a speech at a session described as "historic" in the parliament within the framework of his current visit to Egypt. 


 

Source: BNA