JEDDAH: Saudi Ambassador to Egypt Ahmad Al-Qattan said Thursday that low oil prices will not prevent the Kingdom from supporting the Egyptian economy.
He said the Saudi support would help ease an acute dollar shortage and reduce pressure on the Egyptian government’s budget.
“The confidence of the Arab and Saudi investors will increase after the announcement of the increase in investments. Saudi-Egyptian relations will gain in strength by the day. Saudi aid will help Egypt push ahead with an energy subsidy reform program that seeks to reduce spending on petroleum products from its current level of about $600 million a month,” Al-Qattan said at a press conference in Cairo.
The ambassador said it is not acceptable that someone distorts Saudi-Egyptian relations which are solid and stable. He said that Custodian of the Two Holy Mosques King Salman’s decisions proved that the Kingdom is interested in supporting and improving the Egyptian economy through raising Saudi investments and supporting the energy sector in Egypt.