King Salman orders 30 billion SR investment in Egypt

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Cairo - ekhbariya.net 15 Dec 2015

Following Deputy Crown Prince Mohammed Bin Salman’s visit to Cairo on Tuesday, the Saudi-Egyptian Coordination Council held its second meeting to discuss bilateral and economic ties between Riyadh and Cairo and the joint coordination between the two states.

The meeting was led by Deputy Crown Prince Mohammed Bin Salman, while Egypt was represented by Prime Minister Engineer Sherif Ismail Mohammed and saw the announcement that Custodian of the Two Holy Mosques King Salman Bin Abdulaziz ordered Saudi investments in Egypt of over thirty billion riyals, in addition to contribution to provide Egypt’s oil needs for a period of five years.

The full text of the joint statement issued following the meeting can be read below:

In continuation of work and joint coordination between the Arab Republic of Egypt and the Kingdom of Saudi Arabia, and pursuant to directives of President Abdel-Fattah al-Sisi and Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and building on what was agreed on in the minutes of the establishment of the Saudi-Egyptian Coordination Council for the implementation of the Cairo Declaration, signed in Riyadh on 29/01/1437 H corresponding to 11/11/2015 AD calling in item (iii) of it for the council to meet periodically and alternately between the two countries, the second meeting of the council was held in the city of Cairo on Tuesday, 04/03/1437 H corresponding to 15/12/2015 AD, in the presence of members of both sides. The Egyptian side was led Prime Minister Engineer Sherif Ismail Mohammed, and the Saudi side by Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, the Second Deputy Prime Minister and Minister of Defense.

At the outset of the meeting, the deputy crown prince stated that directives have been issued by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to increase Saudi investments in the Arab Republic of Egypt to over thirty billion riyals and contribute to provision of Egypt’s needs of oil for a period of five years, in addition to supporting traffic in the Suez Canal by Saudi ships.

Prime Minister Engineer Sherif Ismail Mohammed expressed appreciation by Egypt’s government and people to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz for his keenness on and interest in supporting the Egyptian economy and the promotion of common interests between the two countries.

The council completed the discussion of the topics on its agenda. During the meeting, the two sides stressed their active quest to work for developing and strengthening the close ties that bind the two countries and their peoples to achieve the aspirations and serve the common interests between them.

The council also reviewed the efforts made by the joint committees as well as the sub-working groups set up according to the first meeting, which took place in Riyadh on 02/20/1437 H corresponding to 02/12/2015 AD. The council stressed the importance of fulfilling the tasks entrusted to it, as a prelude to ending the review of initiatives, draft agreements, memoranda of understanding and executive programs emanating from the Cairo Declaration during the period specified.

Deputy Crown Prince Mohammed bin Salman bin Abdulaziz expressed thanks and appreciation for the warm reception and hospitality extended to the Saudi delegation in Egypt. It was agreed that the third meeting of the council should be held in the Kingdom of Saudi Arabia.

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