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Wednesday, 18 January 2017

Saudi funded development projects ongoing -sources

Projects financed by Saudi Arabia in Egypt have not come to a standstill, a government source told Al Borsa, a day after the Higher Administrative Court’s ruling to annul the maritime border demarcation agreement with Saudi Arabia. According to the USD 1.5 bn agreement from the Saudi Development fund, completing 25% of any project triggers the disbursement of the following tranches of finances, the source said. Other sources added that some joint investment projects between the two governments are in the contracting stage.The Saudi Arabian government and its officials have been quiet and reactions to the verdict have been limited to social media platforms. Al Shorouk spoke to Saudi shura council member Mohamad Abdullah Al Zalfa, who stressed that the issue will not affect Saudi-Egyptian relations and the matter shouldn’t go to international arbitration. Meanwhile in Egypt, Legal Affairs Minister Magdy El Agaty said on Tuesday that article 151 of the constitution gives MPs the right to review and sanction any treaty despite any court rulings, so long as they don’t result in the “ceding of any part of state territories,” Ahram Online said. House Speaker Ali Abdel Aal concurred. In his first televised interview

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