KSA pledges SR30bn Egypt aid

Updated 18 December 2015

KSA pledges SR30bn Egypt aid

JEDDAH: Custodian of the Two Holy Mosques King Salman has ordered that Saudi Arabia’s aid and investment package to Egypt should be increased to SR30 billion in the next five years.
The announcement was made by Deputy Crown Prince Mohammed bin Salman at a meeting with Egyptian Prime Minister Sherif Ismail in Cairo on Tuesday, said SPA.
Prince Mohammed said at the start of the meeting that King Salman ordered the increase in the package — to contribute to Egypt’s oil needs for five years and for an increase in traffic for Saudi ships in the Suez Canal.
According to a report in Bloomberg quoting Egyptian Investment Minister Ashraf Salman on Wednesday, the investment of SR30 billion would be through Saudi Arabia’s public and sovereign funds, with inflows beginning immediately. Egypt is also set to renew a deal to import Saudi oil products for five years on favorable terms, Ismail said.
Saudi support comes as Egypt is trying to overcome a foreign currency shortage that is threatening to derail a nascent recovery. Egypt’s currency crisis caused business activity to contract the most in more than two years in November, said the report.
A new aid package would provide dollars needed to import capital goods and raw materials, and help authorities avoid an uncontrolled currency devaluation, said the report.


Houthis target Saudi Khamis Mushayt in repeat attack

Updated 22 August 2019

Houthis target Saudi Khamis Mushayt in repeat attack

  • Houthis claimed 10 drones which hit a Saudi natural gas liquefaction plant
  • The Arab coalition said the Houthis are becoming desperate because of their losses

DUBAI: The Arab coalition destroyed two Houthi drones targeting Khamis Mushayt city in south west Saudi Arabia, the state news agency SPA reported on Thursday.

It was the latest in a spate of drone attacks claimed by the Houthi militia in recent weeks, including 10 drones that hit the Saudi Shaybah natural gas liquefaction plant near the UAE border.

Arab Coalition spokesman Col. Turki Al-Maliki said the coalition were taking all possible measures and employing best practices to intercept the drones and stop attacks,

And said the the repeated attacks showed the militants were becoming increasingly desperate as they continued to lose on a daily basis.