Saudi support drops
CAIRO: Saudi Arabia’s financial support for strategic ally Egypt will no longer involve ‘free money’ and Riyadh will focus on soft loans and a return on investment to help it grapple with low oil prices, a Saudi businessman familiar with the matter said. “This is a change in strategy. Return on investment is important to Saudi Arabia as it diversifies sources of revenue,” the businessman said. Saudi Arabia, the UAE and Kuwait showered Egypt with billions of dollars after then-military chief Abdel Fattah al-Sisi toppled President Mohamed Mursi of the Muslim Brotherhood in 2013. But low oil prices and differences over regional issues have called into question whether such strong support is sustainable.
