The Cabinet under Prime Minister Sherif Ismail lauded an initiative by Saudi King Salman bin Abdulaziz to increase Saudi investments in Egypt to 30 billion riyals, provide Egypt's needs for oil for a period of five years and support traffic in the Suez Canal.

The Cabinet hailed the outcome of the second meeting of the Egyptian-Saudi coordination council, which was held yesterday under the chairmanship of premier Ismail and Saudi Deputy Crown Prince and Defense Minister Mohammed bin Salman, said Cabinet Spokesman Hossam Qawish.

The coordination council represents a positive step to further boost ties between the two countries in the various economic and political spheres, added the spokesman.