...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
, Kuwait, the United Arab Emirates and Oman on Friday pledged a combined $12.5 billion in aid to stimulate the Egyptian economy during an investment summit held in the Red Sea resort of Sharm el-Sheikh.
Saudi Crown Prince Muqrin bin Abdulaziz announced $4 billion in aid to Egypt following a similar move by Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah who pledge investments worth $4 billion to Egypt.
UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, also pledged $4 billion in aid and investment to the Arab world's most populated country.
The UAE said it would deposit $2 billion in Egypt's central bank and the other $2 billion in the economy. Saudi Arabia said $1 billion of its pledged aid would go to the bank while Kuwait's representative did not say how his country's pledge would be divided.
The president of Oman's state council later said his country was giving Egypt $500 million in grants and investment over the next five years.
Half of the amount given by Oman would be in the form of a "grant to support liquidity" and the other $250 million would go towards investment in projects in Egypt, Yahya bin Mahfouz said.
The announcements were made on the sidelines of the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh organized by Egypt to attract overseas investment in its troubled economy. The conference was first called for by late
Former King of the Arabians, Sheikh of the Burning Sands Abdullah... Now a dead guy...
bin Abdulaziz.