Riyadh- The Saudi-Egyptian Coordination Council, led by Deputy Crown Prince Mohammed bin Salman bin Abdulaziz and Egyptian Prime Minister Sherif Ismail, is considered to present a regional exemplar for the Arab world. The rate of establishment, clear-cut performance and ability to portray the two countries’ leadership visions in record-breaking timing, sets it to be a world-wide exceptional standard.
The Council yesterday endorsed, in Cairo, a remarkable 17 agreements festered by massive efforts on economic coordination which in a notable time provided an outline on economic cooperation between the Kingdom of Saudi Arabia and Cairo.
Prince Mohammed bin Salman’s qualitative foresight on the economy has laid the guideline features for the work frame of the Saudi-Egyptian Council. Distinguished, the Council has convened in over five high-profile sessions at a breathtakingly unprecedented packed schedule. Committees assigned by the council, until this moment, carry on fulfilling arranged duties and continuous meetings.
Following the instructions given by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Egyptian President Abdel Fattah el-Sisi, meetings are being held incessantly. According to the agreement established in Riyadh, Saudi Arabia on the 11th of November (2015), during the foundation of the Saudi-Egyptian Council commanded by the Cairo Declaration, and rendering the third item on the accord, Council sessions will be held periodically and in turn between the signing countries.
The meetings exhibit outstanding bilateral affairs concerning different sectors. Forming specialized support groups to back the council’s work on reviewing initiatives, projects, memorandums and Cairo Declaration based programs have been employed and are active. The appointed committees will aim at enhancing the result rate so that decided programs and projects are accomplished within the limits of set deadlines.
The second council meeting, which took place in Cairo, headlined the topic on Saudi investments in Egypt that are expecting a 30-million-Saudi Arabian Riyals(equivalent to 8 billion dollars) increase. The boost in investment was based on the direct orders of King Salman.
The incoming gush of support will play to provide Egyptian need for petroleum over the next five years and stir around the transportation of Saudi cargo vessels sailing through the Suez Canal.
The fifth meeting the council held in Riyadh brought forth the signing of a fund agreement which goes into petroleum byproduct import. The fund was established among the Saudi Fund for Development, the Egyptian General Petroleum Corporation EGPC and Saudi Aramco.