By Hend Kortam, Aswat Masriya Saudi Arabia is going to raise its investments in Egypt to above 30 billion Saudi riyals (USD 8 billion) and will “contribute to providing Egypt with petroleum needs for the next five years,” the two countries said on Tuesday. After the second meeting of the Saudi-Egyptian Coordination Council, the two countries said in a joint statement, published on the Saudi state news agency SPA, that the new financial support is based on instructions from King Salman. The kingdom has been generous with Egypt, a net importer of energy, since mid-2013 but the financial assistance now comes at a time when Egypt’s cash-strapped economy is in dire need. Years of political turmoil have taken a toll on the Egyptian economy, halving the state’s foreign reserves and driving away tourists, which has contributed to a dollar shortage. The meeting of the bilateral council on Tuesday was led by Prime Minister Sherif Ismail on the Egyptian side, while Saudi Defence Minister and Deputy Crown Prince Mohamed bin Salman Al Saud led his country’s delegation. The meeting comes one day after Saudi Arabia launched an “Islamic alliance” to fight terrorism, made…
