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10-Apr-2016

No more ‘free’ Saudi money for Egypt - Saudi businessman familiar with matter

Saudi Arabia's financial support for strategic ally Egypt will no longer involve ‘free money’ and will increasingly take the form of loans that provide returns 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 told Reuters on Friday during what has been described as a "historic" visit to Cairo by Saudi King Salman. "Saudi Arabia will be making investments and soft loans. No more free money," said the businessman. (Reuters)

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