Saudi Arabia, Egypt sign deals to support microfinance projects

The signing ceremony took place at the headquarters of the Egyptian Ministry of Investment and International Cooperation in Cairo. (SPA)
Updated 11 July 2019
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Saudi Arabia, Egypt sign deals to support microfinance projects

  • SR28.2m pumped into renewable energy, agriculture and livestock

CAIRO: Saudi Arabia has signed a triple agreement to finance a range of industrial development projects in Egypt, the Saudi Press Agency reported.

The Saudi Fund for Development (SFD) is to pump 125 million Egyptian pounds (SR28.2 million) into renewable energy, agriculture and livestock projects in the African nation.

Egyptian Minister of Investment and International Cooperation Dr. Sahar Nasr said the funding would provide vital support to small- and medium-sized projects and encourage young investors to play a greater role in economic development.

“The agreements reflect the great interest in the diversity of sources of funding, according to the youths’ demand to be able to rely on something other than the banks, where procedures would be easier and would not require too many guarantees,” she said.

The signing ceremony took place at the headquarters of the Egyptian Ministry of Investment and International Cooperation, in Cairo, in the presence of Nasr, Egypt’s transport minister, Lt. Gen. Kamel Al-Waziri, and the Saudi ambassador to Egypt and the Kingdom’s permanent representative to the Arab League, Osama Nuqali.

The agreements were inked by Hasan Al-Attas, director general of operations and head of the SFD’s grant management committee, and the director general of projects and studies at the Saudi Development and Reconstruction Program for Yemen (SDRPY).

FASTFACT

The Saudi Fund for Development (SFD) is to pump 125 million Egyptian pounds (SR28.2 million) into renewable energy, agriculture and livestock projects in the African nation.

EFG Hermes for Leasing, a subsidiary of EFG Hermes Finance, will receive 75 million Egyptian pounds, while UE Finance, a microfinance company, and Global Lease Co. both get 25 million. The funding will be directed toward micro and industrial projects outside greater Cairo and Alexandria, in addition to financing new and renewable energy projects and the agricultural and livestock sector.

Speaking at the ceremony, Nuqali said the development grants would benefit microfinance projects in Egyptian provinces and reflected the strong bilateral relations between the two countries built up with the support of King Salman, Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi.

Nasr said that the ministry would continue to cooperate with the fund with a view to gaining further backing for the private sector and investors through initiatives that would benefit both countries.

Al-Attas said the latest agreements formed part of the Saudi fund’s continued support for small and emerging firms in Egypt, and the grant would contribute to creating job opportunities and supporting companies and projects especially in rural areas and industry sector-deprived regions.


Heroic effort by security personnel at the Grand Mosque saves man’s life

Grand Mosque security personnel Rayan bin Saeed bin Yahya Al-Ahmad in the hospital. (X)
Updated 26 December 2025
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Heroic effort by security personnel at the Grand Mosque saves man’s life

  • Saudi interior minister thanks and praises security guard for his actions
  • Suicide attempt at the Grand Mosque in Makkah foiled after guard intervenes to prevent fatal fall

RIYADH: Prince Abdulaziz bin Saud bin Naif, Saudi Arabia’s Minister of the Interior, on Friday reached out to the security guard injured at the Grand Mosque in Makkah while saving a man trying to commit suicide, and praised his bravery.

The heroic effort by the security guard on duty at the Masjid Al Haram saved the life of a man who attempted suicide by jumping from the top floor of the Grand Mosque.

A swift intervention by the security guard averted the fatal fall, the Saudi authorities said on Thursday.

In a post on X, the official account of the Emarah, Makkah Region, said: “The special force for the security of the Grand Mosque has promptly initiated proceedings in a case where a person jumped from an upper level of the Grand Mosque, and a security man was injured while attempting to prevent him from hitting the ground at the time of his fall.”

The interior minister personally contacted soldier Rayan bin Saeed bin Yahya Al-Ahmad to inquire about his recovery after he suffered injuries in the line of duty at the Grand Mosque.

Al-Ahmad sustained multiple injuries while trying to break the man’s fall and prevent him hitting the ground. Medical teams quickly reached the site and after preliminary check-ups rushed both men to hospital for treatment.

The minister commended Al-Ahmad’s bravery, commitment, and heightened awareness during the incident, qualities that demonstrate his dedication to his security mission.

The interior minister told the officer that his response exemplifies the high principles security forces uphold while serving the religion and the country.

The minister characterized the intervention as “far more than routine duty” — describing it as a selfless humanitarian act embodying supreme sacrifice and reflecting the exceptional preparedness and professional capability required to manage critical situations at Islam’s holiest site.

The minister highlighted the unwavering support and care security personnel receive from the Saudi leadership in appreciation of their contributions and sacrifices in safeguarding the Grand Mosque and the pilgrims.

This backing, he noted, provides essential encouragement for maintaining distinguished performance in security operations.

Prince Abdulaziz concluded the call by praying for the officer’s swift recovery and safe return to duty.

As social media filled with the heroic story, Saeed Al-Qahtani, a social media user, praised the life-saving attempt saying: “Is it a military vigilance or a human spirit inhabiting that uniform? Between one heartbeat and the next, and in the heart of reassurance, the security man rescues a desperate soul; transforming the disaster into a heroic rescue story and a smart reading of the features of breakdown before it’s too late. You are not a guardian of a place, you are a guardian of lives.”