EXCLUSIVE: Saudi, UAE transfer $7bn in aid to Egyptian army

Saudi Arabia transferred $4 billion to the Egyptian army Tuesday in aid – $2 billion deposited in cash to the central bank in Cairo. Riyadh later announced a gift of $1 billion worth of gas and $1 billion available for propping up the Egyptian currency, DEBKAfile reports exclusively. Another $3 billion transfer was due from the United Arab Emirates after a UAE delegation spent a few hours in Cairo Tuesday.

This emergency financial assistance is a vote of support by Riyadh and the UAE for the military coup which deposed the Muslim Brotherhood. It aims to tide the military over and keep the Egyptian economic functioning in until the political situation in Cairo is stabilized.