New era of economic ties between Egypt and Saudi Arabia

A handout photo released by the Egyptian Presidency on March 4, 2018 shows Saudi Arabia's Crown Prince Mohammed bin Salman (C) shaking hands with Egyptian officials upon his arrival in Cairo. (AFP)
Updated 05 March 2018

New era of economic ties between Egypt and Saudi Arabia

Recent investments and potential investments between Saudi Arabia and Egypt.

Oil
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said Saudi Aramco agreed to supply Egyptian refineries with 500,000 barrels of crude oil per month for six months starting in January 2018.

Electricity
The electricity interconnection project between Egypt and Saudi Arabia aims to connect the power grids of the two countries to exchange a total capacity of 3,000 MW.
Egypt is contributing $600 million to the $1.6 million project, while other funders include the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development and the Islamic Development Bank.

Bridge between Egypt and Saudi
The Saudi-Egypt causeway or bridge will link the countries between Sinai and northern Saudi Arabia. The entire project is expected to cost about $3 billion and to pass through Tiran Island at the entrance of the Gulf of Aqaba.
The construction of the King Salman Bridge has been described as the largest project in the world by Egyptian Transport Minister Hashim Arafat.

Potential investments
The Egyptian-Saudi Investment Fund, with a capital of SR60 billion ($16 billion), aims to construct a power plant in Dairout worth $2.2 billion, a water treatment plant, residential projects in Sinai, 90 kilometers of development of coastal road, Taba’s tunnel project and a canal.


Plan approved to establish Institute of Traditional Arts in Saudi Arabia

The minister of culture announced last August that academies will be evaluated according to the market’s needs. (SPA)
Updated 23 October 2019

Plan approved to establish Institute of Traditional Arts in Saudi Arabia

  • The Institute of Traditional Arts aims to preserve the local identity through teaching arts, contributing to the preservation and development of the Saudi heritage, graduating qualified practitioners, and using arts to raise awareness

RIYADH: The minister of culture, Prince Badr bin Abdullah bin Farhan, on Tuesday, adopted a plan to establish the Institute of Traditional Arts at the Royal Academy of Arts.
The institute will begin receiving applications for the fall of 2020, targeting 1,000 students and trainees in long- and short-term programs.
The Institute of Traditional Arts aims to preserve the local identity through teaching arts, contributing to the preservation and development of the Saudi heritage, graduating qualified practitioners, and using arts to raise awareness.
The institute also aims to encourage artists through programs or partnership with relevant sectors.
The institute is part of the Academies of Arts’ initiative, which was announced in the Ministry of Culture’s first package last March, and the among the quality of life program’s initiatives. The minister of culture announced last August that academies will be evaluated according to the market’s needs, with the first being specialized in heritage and traditional arts and crafts.