Font Size

- Aa +

Wed 16 Dec 2015 10:02 AM

Font Size

- Aa +

Saudi's King Salman orders investments into Egypt to exceed $8bn

Ruler says the kingdom will help meet Egypt's petroleum needs for the next five years

Saudi's King Salman orders investments into Egypt to exceed $8bn
(AFP/Getty Images)

Saudi Arabia's King Salman on Tuesday ordered the kingdom to help meet Egypt's petroleum needs for the next five years, Saudi state news agency SPA reported.

He also ordered that Saudi investments in Egypt be more than 30 billion Saudi riyals ($8 billion), SPA said.

The announcement followed a meeting between Egyptian Prime Minister Sherif Ismail and Saudi Deputy Crown Prince Mohammed bin Salman, the king's son. A follow-up meeting between Saudi and Egyptian officials will take place on January 5, SPA reported.

Egypt received pledges of $12 billion from Gulf Arab allies at an investment conference in March where President Abdel Fattah Al Sisi urged foreign investors to help Egypt recover from the turmoil since the 2011 uprising that overthrew Hosni Mubarak.

About $6 billion has been deposited in Egypt's central bank to help replenish its dwindling foreign currency reserves. The rest was to come as investments. Much of it is still being negotiated.