Recent investments and potential investments between Saudi Arabia and Egypt.
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.
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.
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.
Copyright: Arab News © 2018 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).