Egypt will sign the final version of four funding accords with Saudi Arabia worth roughly $22 billion, to come into effect as of Friday, during King Salman’s first official visit to Cairo, official sources said on Tuesday.
Advertisement
The monarch’s stances on Egypt and its people are appreciated and honorable, said Alaa Youssef, the Presidential Spokesman.
Investors in Saudi Arabia sold stocks in early trade on Sunday after oil prices retreated at the end of last week and because of uncertainty over economic policy, while Egypt’s bourse edged up. The trip asserts the deeply-rooted relations between Cairo and Riyadh, he said.
Emir confirmed the importance of coordinating between the Saudi and Egyptian Televisions on the live broadcast for all the visit’s details and the broadcast of joint news from both TVs.
Sisi’s close relationship with Russian President Vladimir Putin, who militarily backs Syrian leader Bashar al-Assad against Saudi-supported rebels, has reportedly also caused friction with Riyadh.
Saudi Arabia has supported Cairo with billions of dollars in aid, grants, oil products and cash deposits to help buoy the country’s economy following the toppling of president Mohamed Morsi in July 2013.
Saudi columnist Khalid al-Dakhil urged Cairo to reject “sectarian militias” that threaten Arab states – a reference to Iranian-backed Shiite militias such as Hezbollah in Lebanon, which Saudi Arabia recently declared a terrorist group.
Egypt’s Foreign Ministry also took aim at Tehran, condemning it for reported arms shipments to Yemen’s Shiite rebels in recent weeks, and saying it “undermined aspirations to rebuild confidence between Iran and its neighbors”.
During the visit, the Kingdom is expected to sign a $20 billion agreement to finance Egypt’s petroleum needs for the next five years and a $1.5 billion deal to develop the Sinai region.
Advertisement
Wahdan also stressed that the visit will open up great prospects for cooperation between the two states in various fields, and enhance their joint efforts to face external challenges and fight terrorism.
