Egypt, Saudi agree to build petrochemical plant in Suez Canal axis project
Cargo ship crossing New Suez Canal.
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CAIRO: Egypt and Saudi Arabia have agreed to build a petrochemical complex in the framework of the Suez Canal Axis Development Project, the cabinet said in a Thursday statement.

On Wednesday, Prime Minister Sherif Ismail visited Saudi Arabia, where the Egyptian-Saudi coordination council held its first meeting with the presence of the deputy crown prince of Saudi Arabia Mohamed bin Salman Al Saud.

The council was formed to be tasked to implement the terms of the Cairo Declaration, which was issued in July in order to boost cooperation between both countries in different fields.

Both sides agreed to a hydrocracker project in Upper Egypt’s governorate of Asyut. They also discussed a project to build a port for international yachts in red sea resort of Sharm el-Sheikh.

The meeting tackled developmental projects in the fields including housing and electricity.

According to the Cairo Declaration, both Egypt and Saudi Arabia agreed to boost military cooperation via forming joint Arab unified forces; enhancing power, electricity, and transportation cooperation; achieve economic integration; increase the mutual Egyptian-Saudi investment and deepen media and culture cooperation.

Additional reporting by Hend Mokhtar

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