http://english.ahram.org.eg/NewsContent/1/64/199084/Egypt/Politics-/Egypt,-Saudi-Arabia-to-construct-Red-Sea-bridge.aspx
Egypt, Saudi Arabia to construct Red Sea bridge
King Salman and President Sisi signed eight agreements in different fields ranging from housing to electricity
Ahram Online , Saturday 9 Apr 2016
A bridge over the Red Sea that separates Egypt and Saudi Arabia is to be established, Saudi's King Salman said in Cairo on Friday in a press conference with President Abdel-Fattah El-Sisi.
El-Sisi said the bridge, which would link the Asian and African continents and support export between the two countries, would be named after King Salman bin Abdelaziz.
"Agreement of mutual cooperation will be a paradigm shift for the upcoming generations of both countries," El-Sisi said in a speech at the conference.
In his address, King Salman spoke about the importance and the historic nature of relations between Egypt and the Saudi kingdom.
"Relations between Egypt and Saudi Arabia an impregnable fortress of the Arab and Islamic nation," said Salman during his speech.
During the conference the two heads of state signed a total of eight agreements to cooperate on different areas.
The areas were the establishment of the University of King Salman in Tour city in South Sinai; an electricity project in western Cairo; the building of housing units in Sinai; the renovation of Egypt's largest public hospital, Qasr El-Aini; an agreement to avoid double taxation and prevent of tax evasion with respect to taxes on income; the peaceful use of nuclear energy;maritime transport and ports; and the demarcation of the maritime borders between the two countries.
A number of memorandums of understanding were also signed in the fields of agriculture, electricity, housing, trade and industry, prevention of corruption, and labour. Other agreements included three joint programs in the fields of education, culture, and radio and television production.
Also on Friday, the king was awarded Egypt's Order of the Nile, the country's highest state honour.
The monarch is visiting Egypt for five days.
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http://www.marketwatch.com/story/saudi-arabia-egypt-to-partner-on-sinai-bridge-2016-04-09
Saudi Arabia, Egypt to partner on Sinai bridge
By Tamer El-Ghobashy
Published: Apr 9, 2016 6:36 a.m. ET
Saudi Arabia will partner with Egypt to build a bridge connecting the Sinai Peninsula to the Gulf kingdom, part of a cash injection into Egypt's economy agreed upon during a visit by Saudi King Salman.
The causeway proposal revives an initiative between the two nations that former Egyptian President Hosni Mubarak abandoned in 2005 over environmental concerns about damaging the Red Sea coral reefs, as well as for security concerns. Northern Sinai today is a base of Islamist insurgents who have pledged allegiance to Islamic State.
The cost has been estimated between $3 billion and $4 billion. The original idea was to boost the Egyptian economy through trade and tourism and open a new route for pilgrims visiting Muslim holy sites in Saudi Arabia. One earlier plan was for a span of about 20 miles from the Red Sea resort of Sharm El Sheikh in southern Sinai to Ras Hamid in northern Saudi Arabia.
During the king's two-day visit this week, the Saudi monarch and President Abdel Fattah Al Sisi oversaw the signing of a number of agreements pledging Saudi support for Egypt's energy and agricultural sectors and development of the Sinai region. State media said the deals totaled more than $20 billion.
Saudi donations have helped prop up Egypt's struggling economy since Mr. Sisi came to power in 2013. The Sunni Muslim monarchy is pursuing a more aggressive foreign policy, striving to contain the influence of Iran, its Shiite rival for regional power, while reassessing economic aid to allies in the face of dramatically reduced oil prices.
Saudi Arabia has typically used aid to curry favor among regional allies. But in February, it suspended $3 billion in military aid to Lebanon in response to what is described as Shiite militant group Hezbollah's domination of the government. Hezbollah is an important backer of Syrian President Bashar al-Assad.
The Saudi leader and Mr. Sisi announced the bridge at a joint ceremony and Mr. Sisi said it would be named after King Salman.
"The bridge will be an international port for the promising projects of both countries," the king said, according to the official Saudi Press Agency. "It will be essential for travelers, pilgrims, Umrah [pilgrimage] performers, and tourists. It will also create more employment opportunities for the people of the region."
The Saudi investment is a political boost for Mr. Sisi, as an Islamic State insurgency in the north Sinai has all but stopped tourism, which is an important source of hard currency, and as economic woes diminish his popularity.
Egyptian officials have said the Saudis will provide the new funds with expectations of significant economic returns, a departure from previous transactions with Mr. Sisi's government that amounted to donations.
"The fresh investments and their stipulations indicate that the king sees Egypt as a serious partner and not a welfare recipient," an Egyptian official said.
Saud al-Tamamy, a professor at Riyadh's King Saud University, said the kingdom was focused on development projects as a way to reach out to Egypt's leaders as well as its people. Riyadh wants to push Egypt's regional policy to align more closely with its own, particularly on Iran, he said.
"Egypt should send a message to Iran saying, 'We stand by Saudi Arabia and the Arab world is united.' The political message is important," he said.
Mr. Sisi has in recent months weathered criticism in Egyptian media from formerly ardent supporters over rising food and energy prices amid embarrassing public scandals. The February death-by-torture of Italian researcher Giulio Regeni has soured Egypt's close ties with Italy. That case remains unresolved.
Received on Sat Apr 09 2016 - 07:38:37 EDT