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.


‘Absolutely silly’: Saudi FM refutes Amazon’s Bezos phone hacking claims

Updated 5 min 53 sec ago

‘Absolutely silly’: Saudi FM refutes Amazon’s Bezos phone hacking claims

DUBAI: The Saudi Arabian embassy in the USA has denied claims the Kingdom was behind the hacking of Amazon.com founder, Jeff Bezos’ phone, describing the accusation as “absurd.”

And speaking at Davos the Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al Saud said: “The idea that the Crown Prince would hack Jeff Bezos’ phone is absolutely silly.”

Bezo’s phone was hacked after receiving a WhatsApp message sent from the personal account of the Crown Prince Mohammed bin Salman.

Describing the claims as “absurd” the tweet also called for an investigation into the claims “so that we can have all the facts out.”