Egypt has presented proposals and feasibility studies for projects in the energy, housing, agriculture, and tourism sectors to the Saudi Arabian government for examination and possible investment, Daily News Egypt reports. The bilateral meetings in Riyadh, which began January 3rd and concluded the 5th, aimed to discuss how the $8b in investment funding offered by King Salman would be spent over the next 5 years.
Egyptian Minister of International Cooperation, Sahar Nasr has urged Saudi Arabia to hasten investment, which the Saudis have said they aim to do, and to help meet Egypt’s energy investment and petroleum derivatives needs for the pledged period of time. Egyptian Minister of Investment, Ashraf Salman, stated that the next steps would be providing the necessary permits for projects agreed to and conducting the market research necessary for further projects.
Saudi Arabia is already the largest Arab investor in Egypt – a relationship, which will surely grow over the upcoming years. The aim of the set up Egyptian-Saudi Coordination Council, that was meeting for the third time, is to finalize initiatives, agreements, memoranda of understanding, and joint ventures in order to increase Egyptian-Saudi cooperation in the fields of housing, agriculture, culture, radio, television, transport, ports, education, and petroleum as well as investments in housing, tourism, and energy.