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Sunday, 12 July 2020

Saudi-Egyptian business council talks kick off in Riyadh Monday

Since the 2013 ouster of Muslim Brotherhood president Mohamed Morsi, Saudi Arabia has been one of Egypt's main financial backers

Ahram Online , Monday 4 Jan 2016
Sisi
by the Egyptian Presidency shows Egyptian President Abdel Fattah al-Sisi (R) meeting with Saudi Arabia's Deputy Crown Prince and Defense Minister Mohammed bin Salman in Cairo on December 15, 2015. AFP
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Cairo and Riyadh kick off on Monday preparatory ministerial meetings to lay the ground for a fresh round of Saudi-Egyptian business council talks, Egypt's state news agency MENA said.

Egyptian ministers of foreign affairs, high education, international cooperation and housing arrived in the Saudi capital for the third meeting of the Coordination Council- formed in November to promote cooperation between both Arab allies.

The three-day council gathering will begin on Tuesday, according to MENA.

The second council meeting was held in mid December in Cairo when Saudi Arabia's King Salman pledged a total of $8 billion (30 billion riyals) in investment and aid to Egypt over the next five years.

Saudi Arabia has been one of Egypt's main backers since the 2013 ouster of Islamist president Mohamed Morsi of the Muslim Brotherhood- which both Cairo and Riyadh view as a security threat.

In March 2015, Saudi Arabia, Kuwait, the United Arab Emirates and Kuwait each offered $4 billion to Cairo.

Egypt is part of a Saudi-led coalition that has been pounding Shia rebels in Yemen since March 2015.

It is also a member of a 34-member Islamic military alliance to combat "terrorism", which was announced by the oil-rich kingdom in December.

 

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