President Abdel Fattah al-Sisi and Saudi King Salman bin Abdul Aziz signed 17 MoUs and agreements in different fields on Friday, including four finanical deals totaling US$590 million signed by Minister of International Cooperation Sahar Nasr.
Sisi bestowed the Order of the Nile on Salman at the beginning of their meeting at Ettihadeya Presidential Palace.
The Saudi king will be in Egypt for five days in total.
The other MoUs included the creation of a land bridge between Saudi Arabia and Egypt and the demarcation of the maritime boundaries between the two countries.
Ibrahim al-Assaf, president of the Saudi Fund for Development, agreed four MoUs with Nasr on the establishment of King Salman bin Abdul Aziz University in Sinai at a cost of $250 million, and another on the establishment of nine residential clusters in Sinai at $120 million.
They also signed an agreement on the funding of a power plant project in west Cairo, and another on the development of Qasr al-Aini hospital for $120 million.
The university aims to raise the educational level of students in Sinai and provide an opportunity for them to gain a university education, thus helping to boost employment for young people, Nasr said after signing the agreements.
Eight residential housing units will be established in North Sinai and one in South Sinai as part of a project to develop the Sinai Peninsula, she added.
The power station agreement will contribute to meeting the increasing demand for electricity in greater Cairo, while the Qasr al-Aini agreement will contribute to developing the infrastructure of the hospital as well as the equipment, according to Nasr.
An agreement was signed between the Egyptian Finance Minister Amr al-Garehi and Assaf to avoid double taxation and to prevent tax evasion.
Atef Abdel Hamid, the head of the Atomic Energy Agency, signed an agreement with Hashim bin Abdullah Yamani, the president of King Abdullah City for Atomic and Renewable Energy, on the peaceful use of atomic energy.
Transport Minister Galal al-Saeed signed an agreement with his Saudi counterpart on cooperation in the field of maritime transport and ports, whereas the ministers of electricity signed a MoU in the field of energy.
Agreements were also signed by the ministers of manpower, housing, agriculture, culture, education and trade and industry.
The chairman of the Administrative Control Authority and the chairman of the Saudi National Authority for Combating Corruption signed a MoU on anti-corruption measures.
The chief of the Maspero Union signed an agreement with Dr. Abdallah Shalhoub on an executive program for cooperation in the field of radio and television.
