World Economy

Salman, Sisi Sign Deals

Salman, Sisi Sign DealsSalman, Sisi Sign Deals

Egyptian President Abdel Fattah al-Sisi and Saudi King Salman agreed to set up a $16 billion investment fund Saturday and settled a long-standing maritime dispute. The announcement came as the king continued his visit to the country, in which he had also announced a plan to build a bridge over the Red Sea to Egypt, AFP reported. Also signed was an arrangement by Cairo to demarcate its maritime borders with Saudi Arabia, officially placing two islands in the Straits of Tiran—named Tiran and Sanafir—in Saudi territory. The two nations agreed “to set up a Saudi-Egyptian investment fund with a capital of 60 billion Saudi riyals ($16 billion),” the announcer said, giving no further details. More than a dozen other accords, including a memorandum of understanding to set up an industrial zone in Egypt, were also announced. An Egyptian government official had said the deals agreed with Saudi Arabia, excluding the investment fund, would amount to $1.7 billion.