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Egypt, Saudi Arabia announce construction of bridge over the Red sea

Egypt, Saudi Arabia announce construction of bridge over the Red sea

Egypt

Egypt and Saudi Arabia will soon be connected by a bridge to be built over the Red Sea, leaders of the two countries have announced.

Saudi Arabia’s King Salman who is on a 5-day visit to Egypt, broke the news about the construction of the bridge over the Red Sea on Friday after a meeting with Egyptian president, Abdel Fattah al-Sisi.

“I have agreed with the president (of Egypt) to build a bridge that connects the two countries. This historic move which links the African and Asian continents is considered to be a quantum leap which will increase trade movements between us in an unprecedented way,” the Saudi King said.

He added that the bridge “will also support international exports of both countries and will be a main passageway to those travelling to Saudi Arabia for Hajj and pilgrimage and other tourists”.

Egyptian government sources say Saudi Arabia is expected to sign a $20 billion deal to finance Egypt’s oil needs for the next five years and a further $1.5 billion deal to develop its Sinai region.

The Saudi government is planning to invest $4 billion in the Suez Canal as well as Egypt’s energy and agriculture sectors.

Close to 10 percent of that sum has already been deposited in Egyptian banks.

AFP

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