Saif al-Arab
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Not sure if posted but very promising news between two brotherly neighborly countries. That's the way to go in the region and in the Arab world. I really like the policy of MbS. Ties with brotherly and neighborly Iraq are restored as well and very promising. Now what remains is Syria, whatever (sadly) is left of it. Can be easily done.
Saudi Arabian Crown Prince, Egyptian president sign deal to activate $16 billion investment fund
ARAB NEWS
Saudi Crown Prince Mohammad bin Salman arrives in Cairo. (SPA)
CAIRO: Crown Prince Mohammed bin Salman landed in Egypt on Sunday where he was received by Egypt’s President Abdel Fattah El-Sisi on the first leg of his maiden foreign tour as heir to the throne.
Within hours of arriving, the two countries signed a memorandum of understanding to activate a 60-billion Saudi riyal ($16 billion) investment fund.
They also signed agreements to continue cooperation in resolving political crises in the Middle East, and a commitment to environmental protection.
Prince Mohammed, the Saudi deputy prime minister and minister of defense, was greeted by El-Sisi as he landed at Cairo International Airport.
During meetings, the two sides reviewed “strategic bilateral relations and discussed developments in the region “especially issues related to security and stability” and “fighting terrorism,” Saudi Press Agency reported.
The Crown Prince’s visit to Egypt was his first since he became crown prince in June of last year.
“The Egyptian president reaffirmed that the security of the Gulf is an integral part of Egyptian national security,” Egypt’s presidential spokesman, Bassam Rady said.
"President El-Sisi expressed Egypt's keenness to enhance bilateral cooperation with Saudi Arabia in all fields, in a way that reflects the level of strategic partnership between the two countries", Rady said.
Rady also highlighted the significance of the visit's timing in light of the "great challenges currently taking place in the Middle East, which require mutual coordination between Egypt and Saudi Arabia."
Ahead of the visit, Egyptian Foreign Minister Sameh Shukri said the Crown Prince and El-Sisi would “discuss the political situation in Yemen, Syria, Lebanon, Iraq and Libya.”
Prince Mohammed will also meet Prime Minister Sharif Ismail, the parliament speaker Ali Abdel-Aal, the grand Sheikh of Al-Azhar, Ahmed Tayeb and Pope Tawadros, the head of the Egyptian church.
The crown prince is expected to visit Ismailia today where he will tour some of Egypt’s national projects including the new channel of the Suez Canal.
In preparation, the Ismailia Governorate has decorated the route along which they will travel with flags.
Later they will attended a performance of the show “Salem Nafsak” (Surrender Yourself) at the Cairo Opera House.
The Coptic Orthodox Church announced that Prince Mohammed would visit the main St. Mark’s Coptic Cathedral in Cairo.
Pope Tawadros II met King Salman at his residence during his visit to Cairo in April 2016.
Also on Sunday, US President Donald Trump called El-Sisi to discuss with him “regional issues” and “ways of combating terrorism,” a statement from the Egyptian presidency said.
Prince Mohammed stressed that his keenness to conduct his first foreign visit as Crown Prince "reflects the depth and strength of relations between Egypt and Saudi Arabia, which are bound by common history and one destiny".
http://www.arabnews.com/node/1258986/saudi-arabia
Saudi Arabia’s economic investments in Egypt run deep
MOHAMED SHAMAA | Published — Monday 5 March 2018
Crown Prince Mohammed bin Salman, left, with Egyptian President Abdel Fattah El-Sisi in Cairo on Sunday. (SPA)
A handout picture released by the Egyptian Presidency on March 4, 2018 shows Saudi Arabia's Crown Prince Mohammed bin Salman (C) shaking hands with Egyptian officials upon his arrival in Cairo. (Egyptian Presidency handout photo via AFP)
CAIRO: The visit by Crown Prince Mohammed bin Salman to Egypt comes as Saudi investment in the country continues to grow, boosted by easing trade restrictions, a weak Egyptian pound and plans for a bridge linking the two countries.
The Egyptian government is pushing to make foreign investment in the country easier to help the economy recover from the tumultuous period that followed the Arab Spring.
Saudi Minister of State Essam bin Saad bin Saeed said last week that the Kingdom is keen to enhance economic relations with Egypt and intends to pump money into new investments in the country.
According to the Egyptian state news agency MENA, Saudi investments in Egypt top those of other Arab countries.
At the Saudi-Egyptian Business Council last month in Cairo, Egyptian Minister of Trade and Industry Tariq Qabeel said the volume of trade exchange between the two countries in 2017 amounted to about $2.1 billion and that the volume of Saudi investments in Egypt exceeded $6 billion — about 11 percent of all foreign investments in Egypt.
President of the General Federation of Egyptian Chambers of Commerce Ahmed Al-Wakil, said the total Saudi investments in Egypt are worth up to $27 billion, which are spread across 2,900 projects in a huge variety of product and service sectors.
The Kingdom is also the second largest in terms of tourism — accounting for millions of dollars a year, according to Egyptian Ministry of Tourism figures.
The UAE and Kuwait have also been big investors in Egypt since Abdel Fattah El-Sisi became president.
The scale of Saudi Arabia’s investment is expected to increase after officials from Egypt and the Kingdom said they wanted to reduce the number of obstacles between the two countries by standardizing rules and making it easier to transport goods and services between the two.
Egypt has also become a more attractive prospect for investors since the central bank liberalized the exchange rate in November 2016 as part of a $12 billion International Monetary Fund reform program. The pound lost half of its value after the float.
The improved investment environment in Egypt means some major Saudi companies are considering establishing more projects in the Egyptian market.
A number of Saudi businessmen view some of the new cities being built in Egypt as strong investment opportunities.
The most important Saudi investments in Egypt are in the service sector, including energy, transport, logistics, health and education.
The Egyptian-Saudi Electricity Exchange Project, a scheme agreed in 2011 to connect the two countries’ power grids, is probably the most important investment to date.
Minister of Electricity and Renewable Energy, Dr. Mohammad Shaker, said in December that work is ongoing on the project but that the electrical connection lines between the two countries are expected to run in early 2021.
The King Salman Bridge project, which Egyptian sources said would be discussed during Prince Mohammed’s visit, will link Sharm El-Sheikh to the Tabuk region of northern Saudi Arabia.
Construction of the 50-kilometer bridge was announced during King Salman’s visit to Egypt in 2016. The bridge will help pilgrims, tourists and expatriate workers to travel easily between the countries and offer a significant improvement in trade between the two countries.
The bridge is also expected to boost energy links. Dr. Jamal Al-Kalioubi, a professor of petroleum and energy engineering, said the bridge would be one of the important ways to secure the oil and gas needs of neighboring Arab countries.
The visit is also expected to boost energy cooperation. The Egyptian government announced on Thursday that it had agreed with Saudi Aramco to supply 500,000 barrels per month of crude oil to the Egyptian refineries for six months from January to June. The Saudi National Oil Company had already provided oil to the Egyptian refineries in November and December 2017 on a trial basis.
During King Salman’s 2016 visit to Egypt, Riyadh agreed to supply Cairo with 700,000 tons of refined oil products per month for five years.
King Salman witnessed the signing of 21 agreements and investment memorandums of understanding between the two countries, most notably for the establishment of a free trade area in northern Sinai, which is the first important economic project linked to the construction of the bridge.
http://www.arabnews.com/node/1259251/saudi-arabia
New era of economic ties between Egypt and Saudi Arabia
SHERIF EL TOUNY | Published — Monday 5 March 2018
A handout photo released by the Egyptian Presidency on March 4, 2018 shows Saudi Arabia's Crown Prince Mohammed bin Salman (C) shaking hands with Egyptian officials upon his arrival in Cairo. (AFP)
Recent investments and potential investments between Saudi Arabia and Egypt.
Oil
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said Saudi Aramco agreed to supply Egyptian refineries with 500,000 barrels of crude oil per month for six months starting in January 2018.
Electricity
The electricity interconnection project between Egypt and Saudi Arabia aims to connect the power grids of the two countries to exchange a total capacity of 3,000 MW.
Egypt is contributing $600 million to the $1.6 million project, while other funders include the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development and the Islamic Development Bank.
Bridge between Egypt and Saudi
The Saudi-Egypt causeway or bridge will link the countries between Sinai and northern Saudi Arabia. The entire project is expected to cost about $3 billion and to pass through Tiran Island at the entrance of the Gulf of Aqaba.
The construction of the King Salman Bridge has been described as the largest project in the world by Egyptian Transport Minister Hashim Arafat.
Potential investments
The Egyptian-Saudi Investment Fund, with a capital of SR60 billion ($16 billion), aims to construct a power plant in Dairout worth $2.2 billion, a water treatment plant, residential projects in Sinai, 90 kilometers of development of coastal road, Taba’s tunnel project and a canal.
http://www.arabnews.com/node/1259236/saudi-arabia
Watch: Egyptian fighter jets escort Saudi Arabia’s crown prince’s plane as it arrives in Egypt
ARAB NEWS | Published — Monday 5 March 2018
Saudi Arabia's Crown Prince's plane being escorted by Egyptian fighter jets. (Screengrab)
DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman’s plane was escorted by Egyptian fighter jets when it entered the country ‘s airspace on Sunday.
Footage shows the fighter jets flanking the crown prince’s aircraft as it entered the country’s airspace, which is considered a sign of respect and welcoming.
Egypt is the first leg of the crown prince’s maiden foreign tour as heir to the throne.
Within hours of arriving, the two countries signed a memorandum of understanding to activate a 60-billion Saudi riyal ($16 billion) investment fund.
They also signed agreements to continue cooperation in resolving political crises in the Middle East and a commitment to environmental protection.
http://www.arabnews.com/node/1259336/saudi-arabia
Egypt fetes Saudi crown prince during visit to Suez Canal
AP | Published — Tuesday 6 March 2018
Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi tour the Suez Canal. (SPA)
CAIRO: Egypt gave a warm welcome to Saudi Crown Prince Mohammed bin Salman on Monday during a visit to the Suez Canal on the second day of his three-day trip.
Posters featuring Salman alongside President Abdel-Fattah el-Sisi lined major roads in central Cairo, where Salman will later visit the main Muslim and Christian institutions and see a performance at the Opera.
The prince and el-Sisi traveled through one of the new tunnels being built under the canal, before boarding a boat from a red-carpeted dock as a military band played fanfare.
Egypt seeks investments from Saudi Arabia to help develop the area, where Cairo wants to establish an international transport, logistics and production hub.
The two are also expected to discuss the ongoing wars in Syria and Yemen, as well as their joint boycott of tiny Gulf nation Qatar, which they accuse of fomenting extremism across the region.
Egypt, the most populous country in the Arab world, and Saudi Arabia, one of the wealthiest, tightened their longstanding alliance after el-Sisi led the military overthrow of an elected but divisive Islamist president in 2013, with Riyadh providing tens of billions of dollars in aid.
The two countries have plans to build a causeway across the Red Sea and to jointly develop areas on both sides.
http://www.arabnews.com/node/1259541/saudi-arabia
Copts welcome in Saudi Arabia: Egypt’s Tawadros II praises Crown Prince’s reforms
ARAB NEWS | Published — Tuesday 6 March 2018
Pope Tawadros II, pope of Egypt’s Coptic Orthodox Church, with Saudi Crown Prince Mohammed bin Salman at the Cathedral of Abbasiya in Cairo on Monday. (AFP)
CAIRO: Crown Prince Mohammed bin Salman invited Egypt’s Coptic Christians to visit Saudi Arabia after a rare meeting in Cairo’s main cathedral.
Speaking to Egyptian media after the visit the head of the Egyptian church, Pope Tawadros II said: “In the name of the Coptic Orthodox church we welcome Prince Mohammed’s visit to his second country Egypt.
“Prince Mohammed spoke a lot of his affection for the Copts,” the Pope said, adding that the kingdom’s heir to the throne invited him and all Copts to visit Saudi Arabia.
The two men walked together through St Mark's Cathedral, in what Egypt’s state news agency described as the first tour of its kind.
The visit came on the second day of the Saudi Crown Prince’s visit to Egypt – his first foreign visit since he became heir to the throne.
On a busy day, Prince Mohammed also visited Al-Azhar university, toured a section of the Suez Canal and watched a performance at the Cairo Opera House.
The start of the trip was marked by a series of deals and agreements relating to investment funds and projects.
But along with the key economic agreements, the Crown Prince held important and symbolic meetings with Egypt’s spiritual leaders.
He also met Egypt's top Islamic official, Ahmad Al-Tayyeb at Al-Azhar, the foremost seat of learning in Sunni Islam.
Earlier, the prince toured some of the infrastructure projects that Egypt has pushed through since El-Sisi came to power after the tumultuous years aftermath of the Arab Spring.
In Ismailia, the two leaders travelled through one of the new tunnels being built under the Suez canal. They then boarded a boat from a red-carpeted dock as an army band played marching music, to view the new section of the Suez Canal, AP reported.
He later cut the ribbon at a ceremony to inaugurate a nearby army-built resort.
The two countries agreed late on Sunday to set up a joint $10 billion fund to develop areas of Egypt linked to the Neom project, a planned $500 billion mega city, unveiled by Prince Mohammed last year.
The Saudi Press Agency said there was “wide potential … through cooperation opportunities between the Suez Canal economic zone and Saudi Arabia's Neom future-project on the Red Sea coast.”
In the evening, El-Sisi and Prince Mohammed attended a performance of "Salem nafsak" (Surrender Yourself) at the Cairo Opera House.
The play, which was created by students, sheds light on social problems of the modern era including the impact of social media, incitement of terrorism and violence against women.
Ismail Mokhtar, head of the government’s Artistic Theatre House, said the attendance of El-Sisi and the Crown Prince was an important gesture of support for the young actors and Egyptian theater in general.
As a sign of the importance afforded to the visit, posters of the Egyptian president, Prince Mohammed and Saudi King Salman have been posted across the city.
"Welcome to your second country," said one; another read "Saudi and Egypt are one hand, one nation."
http://www.arabnews.com/node/1259731/saudi-arabia
Egypt signs $10bn deal with Saudi Arabia to support Neom project
ARAB NEWS | Published — Tuesday 6 March 2018
Egypt is seeking investment from Saudi Arabia to help develop the Suez Canal region, where Cairo wants to establish an international transport, logistics and production hub. (SPA)
CAIRO: Egypt will allow stretches of land in the southern Sinai to be used for Saudi Arabia’s planned megacity Neom project announced by the Kingdom last October.
The agreement forms part of a $10 billion joint investment fund the two countries signed during the visit to Cairo this week by Crown Prince Mohammed bin Salman, according to a Saudi official.
The size of the committed land is said to be more than 1,000 square kilometers.
Saudi Arabia’s 26,500-square-kilometer Neom project is to focus on industries including water and energy, food, media, advanced manufacturing, biotechnology and entertainment.
It forms part of the country’s Vision 2030 growth strategy which aims to diversify the country away from its reliance on oil.
The project will run along the coast of the Red Sea as well as the Gulf of Aqaba. Its borders will extend across Egyptian and Jordanian borders, making it the first private economic zone to span three countries.
The megacity project plans to pioneer the latest technologies including automated driving, passenger drones, the use of robots and developing new ways of growing and processing food.
The project is expected to attract more than $500 billon of investment from the Saudi government, the Saudi Arabian Public Investment Fund (PIF) and international investors. Neom’s contribution to the Kingdom’s GDP is projected to reach $100 billion.
As part of the newly signed Egypt-Saudi joint venture, Saudi Arabia is to build seven cities and tourism projects, while Egypt will focus on developing the existing resorts of Sharm El-Sheikh and Hurghada.
Saudi Arabia is said to be working with Egypt and Jordan on attracting more European cruise and tourism companies active in the Mediterranean to consider operating in the Red Sea as well. An official said the Kingdom was currently negotiating with more than seven tourism-related operators.
Egypt and Saudi Arabia also signed an agreement during the Crown Prince’s visit to protect the marine environment and to maintain coral reefs and beaches in the Red Sea area.
Separately, Saudi Arabia announced last August it was planning to develop 50 luxury resorts on islands and other sites on the Red Sea, backed by PIF. Construction of this development is expected to start in 2019 and be completed in 2022, according to state news agency reports.
The Crown Prince arrived in Cairo on Sunday, meeting with Egypt’s President Abdel Fattah El-Sisi to discuss future cooperation in tackling terrorism and regional insecurity as well as how to strength business ties between the two countries.
The crown prince also met with Egypt’s Coptic Pope Tawadros II in the first such visit by a Saudi official to the spiritual center of the country’s Orthodox Christian community. He also met Egypt’s top Islamic official, Ahmad Al-Tayyeb, and saw a performance at the Cairo Opera.
Prince Mohammed is scheduled to arrive in the UK on Wednesday to meet British government officials.
http://www.arabnews.com/node/1259986/saudi-arabia
Royal visit highlights the half a million Saudis living in Egypt
MOHAMED EL-SHAMMA | Published — Tuesday 6 March 2018
Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi visiting the Suez Canal in the city of Ismailia, east of Cairo, on Monday. (AFP)
CAIRO: With its renowned universities, coastal resorts, historic and cultural connections, and famed hospitality, Egypt has become home to a large number of Saudi citizens.
Ghada Mohammed Bashir, a 32-year-old Saudi dentist said she came to the country with her mother in 2004 to study because the universities are internationally accredited and affordable.
Unlike most expatriate students, she did not live in a single building with her classmates, but moved to a modern city 50 km outside of Cairo.
“Each of us chose the most suitable place to live, and most of us lived in the city of 6th October,” she told Arab News.
Despite our great love of the neighborhood of Mohandessin, it was not suitable for students who want calm and comfort.”
“As for places to go out,” Ghada said, “malls in Egypt are wonderful, most notably the Mall of Arabia in the 6th of October.”
The visit of Crown Prince Mohammed bin Salman to Egypt this week has highlighted the community of half a million Saudis living in Egypt.
The Saudi embassy in Cairo says one of the main reasons so many Saudis visit the country is that there are no restrictions on movement within Egypt. “There is freedom of movement between cities.”
Sharm El-Sheikh, a tourist city by the Red Sea, holds a special place in the heart of Ghada and most Saudis living in Egypt. “It is wonderful, magical and safe,” Ghada said.
Traffic congestion and the greed of some hawkers were the only things that made life in Egypt difficult, she said.
“We realized that some vendors in the tourist areas would suddenly raise their prices when they heard the Saudi dialect, and from then on either ourselves or our Egyptian neighbors would accompany our study colleagues and friends to talk to these sellers.”
“Some of our study colleagues have returned to Saudi Arabia and wish to return to Egypt because they lived a simple and enjoyable life,” Ghada said. “Some of them stayed to work and study in Egypt, like myself. I graduated and am working, and am married to an Egyptian. Yes I miss Saudi Arabia, but I do not feel alienated.”
The Saudi Embassy has also advised those wishing to travel or stay in Egypt: “Your awareness of the rules and laws of the host country and the commitment to Islamic morals and ethics are the best way to preserve the honorable image of the Kingdom and the teachings of our true religion.”
Dr. Ziad Al-Otaibi, a businessman who has been living in Egypt for 11 years, said he had met people from many social classes. He sees Egypt as a brother country, or a second homeland, especially for Saudi society in general. “The Egyptians are a hospitable people who welcome us and deal with us in a wonderful way,” he said. Al-Otaibi said he has not faced any difficulties while living in Egypt.
Last February Saudi youths organized “Bikers,” a motorbike race starting in Jeddah and ending 850 kilometers away in the coastal city of Alexandria. Participants said they did not experience any difficulties in setting up the event and raised the Saudi flag next to the Egyptian one under the eyes of the Alexandrian residents, who lined up on both sides of Stanley Bridge to watch the rally.
Mohammed Salah, one of the Saudis who participated, said: “I am in Egypt to emphasize that terrorism has no place among the Arab peoples and will not divide them, and to support Egypt, which has regained its strength and prestige among countries.”
“Egypt is the mother of the world to us and to all peoples, and no one can reduce all the years of culture and history between the two countries. No traitor can destabilize the trust between the two countries.”
http://www.arabnews.com/node/1259976/saudi-arabia
@The SC @Arabi @Gomig-21 @EgyptianAmerican @MICA @Hell NO @Amun @Ahmad Torky @Mahmoud_EGY @mahatir @Nile-Tiger @Amir_Pharaoh etc. (sorry if I forget a few brothers).
Saudi Arabian Crown Prince, Egyptian president sign deal to activate $16 billion investment fund
ARAB NEWS
Saudi Crown Prince Mohammad bin Salman arrives in Cairo. (SPA)
CAIRO: Crown Prince Mohammed bin Salman landed in Egypt on Sunday where he was received by Egypt’s President Abdel Fattah El-Sisi on the first leg of his maiden foreign tour as heir to the throne.
Within hours of arriving, the two countries signed a memorandum of understanding to activate a 60-billion Saudi riyal ($16 billion) investment fund.
They also signed agreements to continue cooperation in resolving political crises in the Middle East, and a commitment to environmental protection.
Prince Mohammed, the Saudi deputy prime minister and minister of defense, was greeted by El-Sisi as he landed at Cairo International Airport.
During meetings, the two sides reviewed “strategic bilateral relations and discussed developments in the region “especially issues related to security and stability” and “fighting terrorism,” Saudi Press Agency reported.
The Crown Prince’s visit to Egypt was his first since he became crown prince in June of last year.
“The Egyptian president reaffirmed that the security of the Gulf is an integral part of Egyptian national security,” Egypt’s presidential spokesman, Bassam Rady said.
"President El-Sisi expressed Egypt's keenness to enhance bilateral cooperation with Saudi Arabia in all fields, in a way that reflects the level of strategic partnership between the two countries", Rady said.
Rady also highlighted the significance of the visit's timing in light of the "great challenges currently taking place in the Middle East, which require mutual coordination between Egypt and Saudi Arabia."
Ahead of the visit, Egyptian Foreign Minister Sameh Shukri said the Crown Prince and El-Sisi would “discuss the political situation in Yemen, Syria, Lebanon, Iraq and Libya.”
Prince Mohammed will also meet Prime Minister Sharif Ismail, the parliament speaker Ali Abdel-Aal, the grand Sheikh of Al-Azhar, Ahmed Tayeb and Pope Tawadros, the head of the Egyptian church.
The crown prince is expected to visit Ismailia today where he will tour some of Egypt’s national projects including the new channel of the Suez Canal.
In preparation, the Ismailia Governorate has decorated the route along which they will travel with flags.
Later they will attended a performance of the show “Salem Nafsak” (Surrender Yourself) at the Cairo Opera House.
The Coptic Orthodox Church announced that Prince Mohammed would visit the main St. Mark’s Coptic Cathedral in Cairo.
Pope Tawadros II met King Salman at his residence during his visit to Cairo in April 2016.
Also on Sunday, US President Donald Trump called El-Sisi to discuss with him “regional issues” and “ways of combating terrorism,” a statement from the Egyptian presidency said.
Prince Mohammed stressed that his keenness to conduct his first foreign visit as Crown Prince "reflects the depth and strength of relations between Egypt and Saudi Arabia, which are bound by common history and one destiny".
http://www.arabnews.com/node/1258986/saudi-arabia
Saudi Arabia’s economic investments in Egypt run deep
MOHAMED SHAMAA | Published — Monday 5 March 2018
Crown Prince Mohammed bin Salman, left, with Egyptian President Abdel Fattah El-Sisi in Cairo on Sunday. (SPA)
A handout picture released by the Egyptian Presidency on March 4, 2018 shows Saudi Arabia's Crown Prince Mohammed bin Salman (C) shaking hands with Egyptian officials upon his arrival in Cairo. (Egyptian Presidency handout photo via AFP)
CAIRO: The visit by Crown Prince Mohammed bin Salman to Egypt comes as Saudi investment in the country continues to grow, boosted by easing trade restrictions, a weak Egyptian pound and plans for a bridge linking the two countries.
The Egyptian government is pushing to make foreign investment in the country easier to help the economy recover from the tumultuous period that followed the Arab Spring.
Saudi Minister of State Essam bin Saad bin Saeed said last week that the Kingdom is keen to enhance economic relations with Egypt and intends to pump money into new investments in the country.
According to the Egyptian state news agency MENA, Saudi investments in Egypt top those of other Arab countries.
At the Saudi-Egyptian Business Council last month in Cairo, Egyptian Minister of Trade and Industry Tariq Qabeel said the volume of trade exchange between the two countries in 2017 amounted to about $2.1 billion and that the volume of Saudi investments in Egypt exceeded $6 billion — about 11 percent of all foreign investments in Egypt.
President of the General Federation of Egyptian Chambers of Commerce Ahmed Al-Wakil, said the total Saudi investments in Egypt are worth up to $27 billion, which are spread across 2,900 projects in a huge variety of product and service sectors.
The Kingdom is also the second largest in terms of tourism — accounting for millions of dollars a year, according to Egyptian Ministry of Tourism figures.
The UAE and Kuwait have also been big investors in Egypt since Abdel Fattah El-Sisi became president.
The scale of Saudi Arabia’s investment is expected to increase after officials from Egypt and the Kingdom said they wanted to reduce the number of obstacles between the two countries by standardizing rules and making it easier to transport goods and services between the two.
Egypt has also become a more attractive prospect for investors since the central bank liberalized the exchange rate in November 2016 as part of a $12 billion International Monetary Fund reform program. The pound lost half of its value after the float.
The improved investment environment in Egypt means some major Saudi companies are considering establishing more projects in the Egyptian market.
A number of Saudi businessmen view some of the new cities being built in Egypt as strong investment opportunities.
The most important Saudi investments in Egypt are in the service sector, including energy, transport, logistics, health and education.
The Egyptian-Saudi Electricity Exchange Project, a scheme agreed in 2011 to connect the two countries’ power grids, is probably the most important investment to date.
Minister of Electricity and Renewable Energy, Dr. Mohammad Shaker, said in December that work is ongoing on the project but that the electrical connection lines between the two countries are expected to run in early 2021.
The King Salman Bridge project, which Egyptian sources said would be discussed during Prince Mohammed’s visit, will link Sharm El-Sheikh to the Tabuk region of northern Saudi Arabia.
Construction of the 50-kilometer bridge was announced during King Salman’s visit to Egypt in 2016. The bridge will help pilgrims, tourists and expatriate workers to travel easily between the countries and offer a significant improvement in trade between the two countries.
The bridge is also expected to boost energy links. Dr. Jamal Al-Kalioubi, a professor of petroleum and energy engineering, said the bridge would be one of the important ways to secure the oil and gas needs of neighboring Arab countries.
The visit is also expected to boost energy cooperation. The Egyptian government announced on Thursday that it had agreed with Saudi Aramco to supply 500,000 barrels per month of crude oil to the Egyptian refineries for six months from January to June. The Saudi National Oil Company had already provided oil to the Egyptian refineries in November and December 2017 on a trial basis.
During King Salman’s 2016 visit to Egypt, Riyadh agreed to supply Cairo with 700,000 tons of refined oil products per month for five years.
King Salman witnessed the signing of 21 agreements and investment memorandums of understanding between the two countries, most notably for the establishment of a free trade area in northern Sinai, which is the first important economic project linked to the construction of the bridge.
http://www.arabnews.com/node/1259251/saudi-arabia
New era of economic ties between Egypt and Saudi Arabia
SHERIF EL TOUNY | Published — Monday 5 March 2018
A handout photo released by the Egyptian Presidency on March 4, 2018 shows Saudi Arabia's Crown Prince Mohammed bin Salman (C) shaking hands with Egyptian officials upon his arrival in Cairo. (AFP)
Recent investments and potential investments between Saudi Arabia and Egypt.
Oil
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said Saudi Aramco agreed to supply Egyptian refineries with 500,000 barrels of crude oil per month for six months starting in January 2018.
Electricity
The electricity interconnection project between Egypt and Saudi Arabia aims to connect the power grids of the two countries to exchange a total capacity of 3,000 MW.
Egypt is contributing $600 million to the $1.6 million project, while other funders include the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development and the Islamic Development Bank.
Bridge between Egypt and Saudi
The Saudi-Egypt causeway or bridge will link the countries between Sinai and northern Saudi Arabia. The entire project is expected to cost about $3 billion and to pass through Tiran Island at the entrance of the Gulf of Aqaba.
The construction of the King Salman Bridge has been described as the largest project in the world by Egyptian Transport Minister Hashim Arafat.
Potential investments
The Egyptian-Saudi Investment Fund, with a capital of SR60 billion ($16 billion), aims to construct a power plant in Dairout worth $2.2 billion, a water treatment plant, residential projects in Sinai, 90 kilometers of development of coastal road, Taba’s tunnel project and a canal.
http://www.arabnews.com/node/1259236/saudi-arabia
Watch: Egyptian fighter jets escort Saudi Arabia’s crown prince’s plane as it arrives in Egypt
ARAB NEWS | Published — Monday 5 March 2018
Saudi Arabia's Crown Prince's plane being escorted by Egyptian fighter jets. (Screengrab)
DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman’s plane was escorted by Egyptian fighter jets when it entered the country ‘s airspace on Sunday.
Footage shows the fighter jets flanking the crown prince’s aircraft as it entered the country’s airspace, which is considered a sign of respect and welcoming.
Egypt is the first leg of the crown prince’s maiden foreign tour as heir to the throne.
Within hours of arriving, the two countries signed a memorandum of understanding to activate a 60-billion Saudi riyal ($16 billion) investment fund.
They also signed agreements to continue cooperation in resolving political crises in the Middle East and a commitment to environmental protection.
http://www.arabnews.com/node/1259336/saudi-arabia
Egypt fetes Saudi crown prince during visit to Suez Canal
AP | Published — Tuesday 6 March 2018
Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi tour the Suez Canal. (SPA)
CAIRO: Egypt gave a warm welcome to Saudi Crown Prince Mohammed bin Salman on Monday during a visit to the Suez Canal on the second day of his three-day trip.
Posters featuring Salman alongside President Abdel-Fattah el-Sisi lined major roads in central Cairo, where Salman will later visit the main Muslim and Christian institutions and see a performance at the Opera.
The prince and el-Sisi traveled through one of the new tunnels being built under the canal, before boarding a boat from a red-carpeted dock as a military band played fanfare.
Egypt seeks investments from Saudi Arabia to help develop the area, where Cairo wants to establish an international transport, logistics and production hub.
The two are also expected to discuss the ongoing wars in Syria and Yemen, as well as their joint boycott of tiny Gulf nation Qatar, which they accuse of fomenting extremism across the region.
Egypt, the most populous country in the Arab world, and Saudi Arabia, one of the wealthiest, tightened their longstanding alliance after el-Sisi led the military overthrow of an elected but divisive Islamist president in 2013, with Riyadh providing tens of billions of dollars in aid.
The two countries have plans to build a causeway across the Red Sea and to jointly develop areas on both sides.
http://www.arabnews.com/node/1259541/saudi-arabia
Copts welcome in Saudi Arabia: Egypt’s Tawadros II praises Crown Prince’s reforms
ARAB NEWS | Published — Tuesday 6 March 2018
Pope Tawadros II, pope of Egypt’s Coptic Orthodox Church, with Saudi Crown Prince Mohammed bin Salman at the Cathedral of Abbasiya in Cairo on Monday. (AFP)
CAIRO: Crown Prince Mohammed bin Salman invited Egypt’s Coptic Christians to visit Saudi Arabia after a rare meeting in Cairo’s main cathedral.
Speaking to Egyptian media after the visit the head of the Egyptian church, Pope Tawadros II said: “In the name of the Coptic Orthodox church we welcome Prince Mohammed’s visit to his second country Egypt.
“Prince Mohammed spoke a lot of his affection for the Copts,” the Pope said, adding that the kingdom’s heir to the throne invited him and all Copts to visit Saudi Arabia.
The two men walked together through St Mark's Cathedral, in what Egypt’s state news agency described as the first tour of its kind.
The visit came on the second day of the Saudi Crown Prince’s visit to Egypt – his first foreign visit since he became heir to the throne.
On a busy day, Prince Mohammed also visited Al-Azhar university, toured a section of the Suez Canal and watched a performance at the Cairo Opera House.
The start of the trip was marked by a series of deals and agreements relating to investment funds and projects.
But along with the key economic agreements, the Crown Prince held important and symbolic meetings with Egypt’s spiritual leaders.
He also met Egypt's top Islamic official, Ahmad Al-Tayyeb at Al-Azhar, the foremost seat of learning in Sunni Islam.
Earlier, the prince toured some of the infrastructure projects that Egypt has pushed through since El-Sisi came to power after the tumultuous years aftermath of the Arab Spring.
In Ismailia, the two leaders travelled through one of the new tunnels being built under the Suez canal. They then boarded a boat from a red-carpeted dock as an army band played marching music, to view the new section of the Suez Canal, AP reported.
He later cut the ribbon at a ceremony to inaugurate a nearby army-built resort.
The two countries agreed late on Sunday to set up a joint $10 billion fund to develop areas of Egypt linked to the Neom project, a planned $500 billion mega city, unveiled by Prince Mohammed last year.
The Saudi Press Agency said there was “wide potential … through cooperation opportunities between the Suez Canal economic zone and Saudi Arabia's Neom future-project on the Red Sea coast.”
In the evening, El-Sisi and Prince Mohammed attended a performance of "Salem nafsak" (Surrender Yourself) at the Cairo Opera House.
The play, which was created by students, sheds light on social problems of the modern era including the impact of social media, incitement of terrorism and violence against women.
Ismail Mokhtar, head of the government’s Artistic Theatre House, said the attendance of El-Sisi and the Crown Prince was an important gesture of support for the young actors and Egyptian theater in general.
As a sign of the importance afforded to the visit, posters of the Egyptian president, Prince Mohammed and Saudi King Salman have been posted across the city.
"Welcome to your second country," said one; another read "Saudi and Egypt are one hand, one nation."
http://www.arabnews.com/node/1259731/saudi-arabia
Egypt signs $10bn deal with Saudi Arabia to support Neom project
ARAB NEWS | Published — Tuesday 6 March 2018
Egypt is seeking investment from Saudi Arabia to help develop the Suez Canal region, where Cairo wants to establish an international transport, logistics and production hub. (SPA)
CAIRO: Egypt will allow stretches of land in the southern Sinai to be used for Saudi Arabia’s planned megacity Neom project announced by the Kingdom last October.
The agreement forms part of a $10 billion joint investment fund the two countries signed during the visit to Cairo this week by Crown Prince Mohammed bin Salman, according to a Saudi official.
The size of the committed land is said to be more than 1,000 square kilometers.
Saudi Arabia’s 26,500-square-kilometer Neom project is to focus on industries including water and energy, food, media, advanced manufacturing, biotechnology and entertainment.
It forms part of the country’s Vision 2030 growth strategy which aims to diversify the country away from its reliance on oil.
The project will run along the coast of the Red Sea as well as the Gulf of Aqaba. Its borders will extend across Egyptian and Jordanian borders, making it the first private economic zone to span three countries.
The megacity project plans to pioneer the latest technologies including automated driving, passenger drones, the use of robots and developing new ways of growing and processing food.
The project is expected to attract more than $500 billon of investment from the Saudi government, the Saudi Arabian Public Investment Fund (PIF) and international investors. Neom’s contribution to the Kingdom’s GDP is projected to reach $100 billion.
As part of the newly signed Egypt-Saudi joint venture, Saudi Arabia is to build seven cities and tourism projects, while Egypt will focus on developing the existing resorts of Sharm El-Sheikh and Hurghada.
Saudi Arabia is said to be working with Egypt and Jordan on attracting more European cruise and tourism companies active in the Mediterranean to consider operating in the Red Sea as well. An official said the Kingdom was currently negotiating with more than seven tourism-related operators.
Egypt and Saudi Arabia also signed an agreement during the Crown Prince’s visit to protect the marine environment and to maintain coral reefs and beaches in the Red Sea area.
Separately, Saudi Arabia announced last August it was planning to develop 50 luxury resorts on islands and other sites on the Red Sea, backed by PIF. Construction of this development is expected to start in 2019 and be completed in 2022, according to state news agency reports.
The Crown Prince arrived in Cairo on Sunday, meeting with Egypt’s President Abdel Fattah El-Sisi to discuss future cooperation in tackling terrorism and regional insecurity as well as how to strength business ties between the two countries.
The crown prince also met with Egypt’s Coptic Pope Tawadros II in the first such visit by a Saudi official to the spiritual center of the country’s Orthodox Christian community. He also met Egypt’s top Islamic official, Ahmad Al-Tayyeb, and saw a performance at the Cairo Opera.
Prince Mohammed is scheduled to arrive in the UK on Wednesday to meet British government officials.
http://www.arabnews.com/node/1259986/saudi-arabia
Royal visit highlights the half a million Saudis living in Egypt
MOHAMED EL-SHAMMA | Published — Tuesday 6 March 2018
Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi visiting the Suez Canal in the city of Ismailia, east of Cairo, on Monday. (AFP)
CAIRO: With its renowned universities, coastal resorts, historic and cultural connections, and famed hospitality, Egypt has become home to a large number of Saudi citizens.
Ghada Mohammed Bashir, a 32-year-old Saudi dentist said she came to the country with her mother in 2004 to study because the universities are internationally accredited and affordable.
Unlike most expatriate students, she did not live in a single building with her classmates, but moved to a modern city 50 km outside of Cairo.
“Each of us chose the most suitable place to live, and most of us lived in the city of 6th October,” she told Arab News.
Despite our great love of the neighborhood of Mohandessin, it was not suitable for students who want calm and comfort.”
“As for places to go out,” Ghada said, “malls in Egypt are wonderful, most notably the Mall of Arabia in the 6th of October.”
The visit of Crown Prince Mohammed bin Salman to Egypt this week has highlighted the community of half a million Saudis living in Egypt.
The Saudi embassy in Cairo says one of the main reasons so many Saudis visit the country is that there are no restrictions on movement within Egypt. “There is freedom of movement between cities.”
Sharm El-Sheikh, a tourist city by the Red Sea, holds a special place in the heart of Ghada and most Saudis living in Egypt. “It is wonderful, magical and safe,” Ghada said.
Traffic congestion and the greed of some hawkers were the only things that made life in Egypt difficult, she said.
“We realized that some vendors in the tourist areas would suddenly raise their prices when they heard the Saudi dialect, and from then on either ourselves or our Egyptian neighbors would accompany our study colleagues and friends to talk to these sellers.”
“Some of our study colleagues have returned to Saudi Arabia and wish to return to Egypt because they lived a simple and enjoyable life,” Ghada said. “Some of them stayed to work and study in Egypt, like myself. I graduated and am working, and am married to an Egyptian. Yes I miss Saudi Arabia, but I do not feel alienated.”
The Saudi Embassy has also advised those wishing to travel or stay in Egypt: “Your awareness of the rules and laws of the host country and the commitment to Islamic morals and ethics are the best way to preserve the honorable image of the Kingdom and the teachings of our true religion.”
Dr. Ziad Al-Otaibi, a businessman who has been living in Egypt for 11 years, said he had met people from many social classes. He sees Egypt as a brother country, or a second homeland, especially for Saudi society in general. “The Egyptians are a hospitable people who welcome us and deal with us in a wonderful way,” he said. Al-Otaibi said he has not faced any difficulties while living in Egypt.
Last February Saudi youths organized “Bikers,” a motorbike race starting in Jeddah and ending 850 kilometers away in the coastal city of Alexandria. Participants said they did not experience any difficulties in setting up the event and raised the Saudi flag next to the Egyptian one under the eyes of the Alexandrian residents, who lined up on both sides of Stanley Bridge to watch the rally.
Mohammed Salah, one of the Saudis who participated, said: “I am in Egypt to emphasize that terrorism has no place among the Arab peoples and will not divide them, and to support Egypt, which has regained its strength and prestige among countries.”
“Egypt is the mother of the world to us and to all peoples, and no one can reduce all the years of culture and history between the two countries. No traitor can destabilize the trust between the two countries.”
http://www.arabnews.com/node/1259976/saudi-arabia
@The SC @Arabi @Gomig-21 @EgyptianAmerican @MICA @Hell NO @Amun @Ahmad Torky @Mahmoud_EGY @mahatir @Nile-Tiger @Amir_Pharaoh etc. (sorry if I forget a few brothers).
