Saudi Arabia, UAE, Kuwait, Bahrain, Oman, Iraq reaffirm full compliance to OPEC+ deal    India Exceeds 2 Million Coronavirus Cases    KSA Reviews Its Experience and Success in Providing Frequency Bands for 5G Technologies    High Relief Commission in Lebanon Thanks Saudi Arabia for Urgent Humanitarian Aid    As Beirut rescuers search for survivors, UN warns of ‘huge' needs    ISESCO Director General Discusses Cooperation with Ambassador of Argentina to Morocco    Health Ministry Explains Covid-19 Home Quarantine Procedures    Assistant Minister of Defense dies of illness    What are you trying to say    Eye-catching horse shows on Umluj governorate's shores    Kuwait records 682 new coronavirus cases, 2 more deaths    First hospitals in US implant next-generation cardiac device to reduce risk of stroke    Asian equities fall as US extends attack on Chinese tech; gold renews record    UAE Dirham included as the first settlement currency in 'Buna' platform    Global shares mixed    Foreign Minister: Saudi Arabia supports Cyprus' sovereignty over its territories    New humanitarian air service boosts COVID-19 response in the Pacific    Saudi Press: Saudi Arabia Stands by Lebanese People to Overcome Ordeal    Joint Statement by HRH Prince Abdulaziz Bin Salman Al Saud; Minister of Energy and HE Ihsan Abdul Jabbar Ismail; Iraqi Oil Minister    Rajpaksas rule the roost as Lanka opposition decimated in elections    Macron calls for 'profound change' in Lebanon as anger grows    Al-Nasr, Al-Hilal Fans Follow up Riyadh Derby, in various Cinemas, Venues    OIC Condemns Terrorist Houthi Militia's Attack Towards KSA    Saudi Pro League returns with goals, red cards and shock results    Woman infected with coronavirus gives birth to healthy triplets in Al-Jouf    Woman infected with coronavirus gives birth to healthy triplets in Al-Jouf    RGDHS to Bring Together Global Healthcare Innovators to Set Out Roadmap for Fighting Pandemics    Ebrahim Alkazi, India's theater legend, dies at 95    LaLiga Academy UAE launches its 2020/2021 season at its new home at DSC    Summer training camp perfect preparation for UAE's jiu-jitsu stars    Long-awaited Riyadh derby, SPL games will finally kick-off with safety measures in place    India's top minister Amit Shah tests positive for coronavirus    Aubameyang double helps Arsenal beat Chelsea for 14th FA Cup trophy    Azra Aly, South African pilgrim: ‘The beginning of the rest of my life'    Paris Saint-Germain beats Lyon to win League Cup final    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Islam calls for protecting communities against epidemics: Sheikh Al-Manea    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Saudi Waste Management Center Signs MoU to Enhance Environmental Sustainability in Saudi Arabia    Cruise Ships on Saudi Arabia's Red Sea Coasts Launched    Juventus claim ninth successive Serie A title with win over Sampdoria    Muslims in UAE asked to perform Eid Al-Adha prayers at home    Complementary, Alternative Medicine Practicing 1st Manual Version Issued    Saudi Ithra center launches dialogue sessions with most famous creators in the world    SFDA Implements National Program to Ensure Safety of 10,000 Food Samples    Saudi Surgeon Managed to Remove Kuwaiti Girl's Brain Tumor, as French Physician Declined, in the last Moments    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt, Saudi Arabia set to ink petroleum, investment deals
Published in The Saudi Gazette on 20 - 03 - 2016

Egypt's Minister of International Cooperation Sahar Nasr will sign an agreement on Sunday with Saudi Arabian parties for the provision of petroleum to Cairo for coming five years.
The signing is expected to take place in Riyadh during the fifth and final meeting of the Saudi-Egyptian Coordination Council today (March 20), to be headed by Nasr and the Saudi Minister of Finance Ibrahim Bin Abdulaziz Al-Assaf.
During the meeting, the attendees will also sign a memorandum of understanding (MOU) to promote Saudi investments in Egypt.
Nasr will also sign a $1.5 billion agreement with the Saudi Fund for Development (SFD) to fund "the development of the Sinai peninsula", including building a university and residential and agriculture projects. The international cooperation minister will also negotiate a SR450 million agreement from the SFD to fund to be applied to the upgrading of Qasr El-Ainy hospital.
In December, Custodian of the Two Holy Mosques King Salman gave orders to increase the kingdom's investments in Egypt to over SR30 billion ($8 billion) to secure Egypt's petroleum demands for the next five years, and to increase Saudi traffic in the Suez Canal.
Saudi-Egyptian Coordination Council was established with the aim of implementing Saudi Arabia's investment pledges.
In previous meetings, Egypt presented a number of projects in different fields to Saudi Arabia along with completed feasibility studies.
The Saudi Arabian investment funds chose to invest SR30 million in the fields of housing, tourism, agriculture, and energy over the next five years.
In September, the Ministry of Petroleum and Saudi Aramco Company signed a contract to facilitate approximately $1.4 billion for the supply of shipments of petroleum products over a period of three months.
The value of the contract will be paid a year after the confirmation of the contract.
Saudi Arabia, UAE and Kuwait provided Egypt with $24 billion in aid after the ouster of Islamist president Mohamed Morsi in July 2013.
Saudi Arabia increased its raw production to 10.308 million barrels during the second half of 2015 to enhance its share in the Asian market and nourish local power plants and refineries.
Saudi Arabia provided approximately $2 billion in support of Egypt's foreign exchange reserves during the Sharm El-Sheikh economic summit in March, in addition to allocating another $2 billion for development projects.
The trade exchange between Egypt and Saudi Arabia during the first eight months of 2015 amounted to about $3.7 billion.


Clic here to read the story from its source.