During a joint press conference, Egyptian president Abdel Fattah Al-Sisi and Saudi King Salman Bin Abdul Aziz agreed to construct a Red Sea bridge connecting the two countries.
The agreement comes during King Salman’s first official visit to Egypt, which began Thursday.
During the press conference, Al-Sisi said the visit confirms the “brotherly” relations between the two countries and enhances further strategic bilateral cooperation.
The president added that mutual efforts between Saudi Arabia and Egypt will assist in resolving the crises in the region, including in Palestine, Yemen, and Syria.
Al-Sisi also gave King Salman the Order of Nile medal, Egypt’s highest decoration, during their meeting in Itihadiya presidential palace.
King Salman said during the press conference that he is pleased to visit Egypt, vowing that the Red Sea bridge will act as a canal that will enhance more promising projects between the two countries.
Several economic and development accords were signed between the two sides during the visit. The agreements also included a loan that is reportedly worth $20bn.
Egypt is suffering from a shortage in foreign currency resources due to decline in revenue from tourism, the Suez Canal, and foreign direct investment. It has been economically dependent on loans from different Gulf countries as a mainstay in sustaining its economy.
Salman is expected to visit the Egyptian parliament on Sunday. Al-Sisi greeted Salman upon arrival at the Cairo International airport.
Since the beginning of the visit, security personnel have been deployed in the hundreds on main roads, highways, and bridges, guarding the motorcades of Saudi and Egyptian officials.