Saudi Ambassador: ties with Egypt grow

Saudi Ambassador in Cairo Ahmed Abdel Aziz al-Qattan said Thursday bilateral relations between his country and Egypt witness more cooperation at the current stage.

At a press conference at the Saudi embassy HQ in Cairo, the ambassador added that the coming stage will see more cooperation between the two sides.

Saudi investments in Egypt hit 8 billion dollars, a fact that casts doubt on all doubtful parties about those relations.

"The past period witnessed serious work as we started in Riyadh by signing the Egyptian-Saudi Coordination committee meeting followed by the second one in Cairo last week.

The third such meeting will be held on January 5 in Saudi Arabia to assign work groups, he said.

Recently, Saudi King Salman bin Abdel Aziz gave instructions to increase the Saudi investments in Egypt 60 billion Egyptian pounds despite the fiscal deficit the Kingdom is suffering at the current year, the ambassador said.

Saudi support of Egypt will help the Arab country overcome the financial difficulties.

Provision of the energy needs of Egypt on the long run will boost the Egyptian government's tendency to continue restructuring energy subsidy as it targets 30 percent of the subsidy at less than 40 billion Egyptian pounds against the last year's levels of 120 billion pounds.