Egypt, Saudi sign a number of agreements
Date
4/10/2016 7:07:48 AM
(MENAFN- Kuwait News Agency (KUNA)) CAIRO April 10 (KUNA) -- Egypt and Saudi Arabia signed a number of additional agreements on Saturday worth SAR 60 billion (USD 15.9 billion) including a joint-Saudi-Egyptian investment fund and a free trade zone to develop Egypt's Sinai.
The signing of the agreements took place in presence of Egyptian President Abdel-Fattah Al-Sisi and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud who is currently in Egypt on an official five-day visit.
A memorandum of understanding was also signed between the Saudi Public Investment Fund and the Egyptian International Cooperation Ministry to set up an economic free trade zone in Sinai.
A company was setup to develop six square kilometers of the industrial zone around Egypt's Suez Canal worth USD 3.3 billion.
The investments are part of a change in strategy from Saudi Arabia to focus more on financial support that will also benefit Saudi Arabia with return on investment.
Presidential Spokesman Ambassador Alaa Youssef said president Al-Sisis and King Salamn stressed the need to follow up on what was recently signed of agreements.
President Al-Sisi also expressed his happiness for the results of the visit which reflects the Saudi interest in enhancing cooperation.
The Saudi king is scheduled to deliver a speech at a session described as "historic" in the parliament within the framework of his current visit to Egypt. (end) rg.ss
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