Investment fund agreed to settle maritime dispute between Egypt and Saudi Arabia
(14 April 2016)
Egyptian President Abdel Fattah Al-Sissi and Saudi King Salman agreed to settle a long-standing dispute by delimiting Saudi waters to include Tiran and Sanafir, in the Straits of Tiran. In return, Saudi Arabia will establish a $16-billion investment fund. Egypt has had de facto control over the islands for much of the 20th and 21st centuries, although Israel occupied them from 1967 through 1982.
The agreement was signed in conjunction with the 80-year-old Saudi monarch’s visit to Egypt and could pave the way for the long-proposed construction of a causeway between the Sinai Peninsula and Saudi Arabia.