Several points.
- This will clearly help Egypt economically and developmentally;
- This will also make Egypt increasingly dependent on the Saudis;
- The huge costs of this program will be funded by higher oil prices, paid for by those who import Saudi oil;
- I'd interpret this as a clear statement about Saudi fears for Egypt and a Saudi desire to look to Egypt as its muscle, given the fecklessness, in Saudi eyes, of American policy.
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