Investment boost — Saudi Arabia, Egypt forging closer ties

19/12/2015 (Saudi Gazette – KSA): Saudi Arabia and Egypt are boosting ties on various fronts, particularly military and economic. Following the announcement of the formation of the Muslim anti-terrorism coalition, led by Riyadh and joined by Egypt, Custodian of the Two Holy Mosques King Salman ordered Saudi investments in Egypt to exceed $8 billion in the coming five years, and pledged to contribute to providing Egypt with its oil needs and supporting traffic in the Suez Canal.Economics Professor Hamed Morsi said the Saudi aid is bound to boost the Egyptian economy. “Egypt is already suffering from shortage in oil products, and the prices Saudi offers will be cheaper, which will increase growth rates and be in the best interest of the Egyptian public budget,” he said.Morsi added that the bulk of Saudi investments in Egypt will reach around 60 billion Egyptian pounds. “This will contribute to stabilizing the value of the Egyptian pound, which has been lately devalued.”..

Investment boost — Saudi Arabia, Egypt forging closer ties

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