Egypt Signs $1.5 bln Sinai Development Deal with Saudi ArabiaSource: www.export-egypt.com 3/21/2016, Location: Africa |
|
|
|
|
 Egypt signed a deal with the Saudi Development Fund worth $1.5 billion to finance development projects in Sinai, during the fifth meeting of the Egyptian-Saudi coordination council in Riyadh , according to an international cooperation ministry statement.
The ministry, headed by Sahar Nasr, signed the deal and headed the Egyptian delegation, which included Central Bank governor Tarek Amer in addition to the ministers of investment and oil. The deal contributes to funding Sinai's development by Egypt’s Armed Forces. Sahar Nasr highlighted the importance of sustainable development and offering work opportunities for the residents of Sinai, which is the most important way to eliminate extremism and terrorism," the statement read. The development projects in Sinai include North Sinai's development axis highway, four secondary roads, agricultural agglomerations, 26 residential projects including houses, medical units, and schools, the statement said. Nasr also signed an agreement to supply Egypt's oil derivative needs for five years, an agreement between the Saudi Development Fund, the Egyptian Public Oil Authority, and Saudi company Aramco. Egypt and Saudi Arabia signed a memorandum of understanding to encourage Saudi investments in Egypt in an agreement between the Saudi public investments fund and the Egyptian investment ministry. The signing comes ahead of an expected visit to Cairo by Saudi King Salman Ben Abdel Aziz in early April. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
