Saudi Arabia has pledged renewed support for Egypt’s economy in the form of oil assistance and $8 billion in additional investments in the country.
The announcement came during Saudi Arabia’s Deputy Crown Prince and Defense Minister Mohammed bin Salman visit to Cairo on Tuesday. He was quoted in the Saudi Press Agency as saying that King Salman ordered that Saudi investments in Egypt exceed 30 billion riyals ($8 billion), contribution to Egypt’s needs for oil for a period of five years, and increased traffic in the Suez Canal by Saudi ships.
Saudi Arabia has supported Cairo with billions of dollars in aid, grants, and cash deposits to help buoy the country’s economy after several years of political upheaval sent foreign reserves tumbling.
The Saudi top officials met with Egypt’s President Abdel-Fattah El-Sisi hours after King Salman announced the formation of a Saudi-led Islamic “anti-terrorism” military coalition.
During the meeting, President El-Sisi said that Arab efforts should strive to reach political settlements for some of the crises that face some of the Arab states, which would ensure their stability and unity.
The 34-state Islamic military coalition includes Arab and African countries such as Egypt, Qatar, and the United Arab Emirates, together with other Islamic countries like Turkey, Malaysia, and Pakistan.