Saudi Arabia and Egypt agree SR60 billion investment fund

Saudi Arabia and Egypt agree SR60 billion investment fund
Updated 10 April 2016
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Saudi Arabia and Egypt agree SR60 billion investment fund

Saudi Arabia and Egypt agree SR60 billion investment fund

CAIRO: Custodian of the Two Holy Mosques King Salman and Egyptian President Abdel Fattah El-Sisi on Saturday oversaw the signing of several agreements, including an SR60 billion investment fund, as the king visited Egypt for a third day.
The king’s visit to Egypt has been seen as an overwhelming show of support for El-Sisi.
Since touching down on Thursday, King Salman and his delegation have announced a string of investments in Egypt, as well as a lavish plan to build a bridge over the Red Sea to connect the two countries.
On Saturday, the third of his five-day trip, King Salman met El-Sisi at the historic Abdeen Palace in Cairo where the two oversaw the inking of further deals Egypt hopes will boost its economy.
A live Egyptian state television broadcast showed an official announcing the agreements, signed by a representative of each country.
The two countries agreed “to set up a Saudi-Egyptian investment fund with a capital of 60 billion Saudi riyals ($16 billion),” the announcer said.
More than a dozen other agreements, including a memorandum of understanding to set up an industrial zone in Egypt, were also announced.
Saudi Arabia has pumped billions of dollars in aid and investment into Egypt.