Saudi Arabia to pump 30bn riyals to support Egypt

Saudi Arabia will pump 30 billion riyals in five years to support Egypt's housing, tourism, agricultural and power sectors, Egypt's Investment Minister Ashraf Salman said on Tuesday.

This came on the sidelines of the third meeting of the Egyptian-Saudi Coordination Council, which was held in Riyadh with the participation of several Egyptian ministers.

Saudi Arabia is the biggest Arab investor in Egypt, he said.

Salman expected trade and economic ties between the two countries to develop in the coming period.

The meeting was held in implementation of the directives of Egyptian President Abdel Fattah El Sisi and Saudi King Salman bin Abdulaziz Al Saud.