Egypt and Saudi Arabia will meet again on January 5th, as a part of the Egyptian-Saudi Coordination Committee, to discuss the details of $8b investments announced by King Salman Abdel Aziz in mid-December, Daily News Egypt reports. The Saudi King has agreed to assist with Egypt’s energy needs and is expected to support investments in energy, tourism, housing, and agriculture.
Saudi money is expected to be realized quickly: “Egypt will pull a slice of those investments during the first quarter of 2016,” King Salman said. Egypt has submitted proposals for investment across a number of sectors. “We are currently scrutinizing these projects through following up on the status of lands and their permits with the concerned ministries,” the King said.
However, the King stressed that there was not a set timeline for investment and that investment depended on the preparedness of the projects. “It is too early to discuss [the timeline],” Salman noted. “The first phase of projects will be discussed in January, and will be followed by the establishment of the companies that will execute the projects and the form of the contribution.”