CAIRO: President Abdel Fatah al-Sisi has issued a decree to increase land plot, allocated for establishing King Salman University in South Sinai’a Al-Tur city, from 150 to 250 acres, said South Sinai governor Khaled Fouda in a statement Friday.
“A contract has been signed with King Slman at a cost of $2.5 billion for establishing the university and a dormitory,” said Fouda, noting that the Saudi King is scheduled to visit the governorate Monday.
It is scheduled that King Slman will pay a five-day visit to Egypt starting April 04, said Saudi Ambassador to Egypt Ahmad al Qattan late March.
Saudi Arabia has pledged Egypt $1.5 billion in soft loans to establish Bedouin projects in the Sinai Peninsula. During his visit, Salman will witness the signature of the projects deal, an Egyptian anonymous official told Youm7 on March 23.
The Egyptian General Petroleum Corporation (EGPC) signed a contract with Saudi Arabia’s state-owned Aramco to provide Egypt with its needs of petroleum products for the next five years, the Ministry of Petroleum said in a statement on Friday.
In December, 2015, King Salman pledged that his country will increase investments in Egypt to more than 30 billion SAR ($7.9 billion) and provide Cairo with petroleum products it needs over the coming five years.
Gulf countries pledged a total of $12.5 billion in aid and investments to Cairo on the opening day of the Egypt Economic Development Conference (EEDC) in March 2015; Kuwait, Saudi Arabia, and the United Arab Emirates each pledged $4 billion to Egypt, while Oman pledged $500 million.