Saudi Arabia & Egypt Set up Joint Bank

A bank has been set up in Egypt to support small businesses and protect Saudi investments, the Gulf kingdom's state news agency SPA reported.

Trade between Saudi Arabia and Egypt has reached more than four billion dollars per year, with Saudi investments in Egypt topping $10 billion dollars.

Saudi Arabia in May pledged four billion dollars in aid to Egypt in the form of long-term loans and grants.

Egypt's economy, largely dependent on tourism, has taken a hit since a revolt, which ousted president Hosni Mubarak in February.