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| 05 March, 2018

New era of economic ties between Egypt and Saudi Arabia

Total Saudi investments in Egypt are worth up to $27bln: Official

Egyptian President Abdel Fattah al-Sisi (R) welcomes Saudi Crown Prince Mohammad Bin Salman (L) at Cairo Airport, Egypt, March 4, 2018. in this handout picture courtesy of the Egyptian Presidency. The Egyptian Presidency/Handout via REUTERS

Egyptian President Abdel Fattah al-Sisi (R) welcomes Saudi Crown Prince Mohammad Bin Salman (L) at Cairo Airport, Egypt, March 4, 2018. in this handout picture courtesy of the Egyptian Presidency. The Egyptian Presidency/Handout via REUTERS

 
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.
 

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