Saudi Arabia extends term for $5 billion Egypt central bank deposit

Egypt's Central Bank headquarters are seen in downtown Cairo, Egypt. (File/Reuters)
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Updated 29 November 2022
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Saudi Arabia extends term for $5 billion Egypt central bank deposit

  • The Kingdom made the $5 billion deposit in Egypt’s central bank in March
  • The extension aims to enhance economic stability in Egypt

RIYADH: Saudi Arabia on Tuesday extended the term for a $5 billion deposit the Kingdom made to Egypt’s central bank, Saudi Press Agency reported.

The extension comes at the directive of King Salman and Crown Prince Mohammed bin Salman and aims to enhance economic stability in Egypt.

There is continuous communication between authorities in the two countries in order to enhance coordination, especially with regard to pumping numerous investments in foreign currencies into the Egyptian market in addition to Saudi deposits, SPA said.

It is hoped that these investments will contribute to opening new funding channels with regional and international organizations, SPA added.

The Kingdom made the $5 billion deposit in Egypt’s central bank in March after the country came under increasing financial pressure following Russia’s invasion of Ukraine.


Saudi Arabia launches initiative to reroute Gulf cargo to Red Sea ports

Updated 13 March 2026
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Saudi Arabia launches initiative to reroute Gulf cargo to Red Sea ports

  • The initiative comes as shipping through the Strait of Hormuz has been severely disrupted by the widening conflict in the region
  • Since the US and Israel struck Iran last month, Tehran has moved to restrict passage through the waterway

 

RIYADH: Saudi Arabia has launched an initiative to redirect shipping from ports in the Arabian Gulf to its Red Sea ports amid the ongoing US-Israel-Iran war.

Transport Minister Saleh Al-Jasser, who also chairs the Saudi Ports Authority (Mawani), launched the Logistics Corridors Initiative alongside Zakat, Tax and Customs Authority Governor Suhail Abanmi, Mawani President Suliman Al-Mazroua, and other officials, the Saudi Press Agency reported.

The initiative will establish dedicated operational corridors to receive containers and cargo redirected from ports in the Kingdom's Eastern Region and other Gulf Cooperation Council states to Jeddah Islamic Port and other Red Sea coast ports.

Al-Jasser said the Kingdom was committed to ensuring supply-chain stability and the smooth flow of goods through global trade routes. Jeddah Islamic Port and other west coast ports, he added, were already playing a key role in accommodating shipments redirected from the east, while also linking Gulf cargo to regional and international markets.

The initiative comes as shipping through the Strait of Hormuz has been severely disrupted by the widening conflict in the region. Iran has long threatened to close the strait — the world's most critical oil and gas chokepoint, through which roughly a fifth of global oil supplies pass — in the event of a war.

Since the US and Israel struck Iran last month, Tehran has moved to restrict passage through the waterway, sending freight rates soaring and forcing shipping companies to seek alternative routes.

Saudi Arabia's Red Sea ports offer a viable bypass, connecting Gulf cargo to global markets without passing through the strait.