Saudi Arabia promises $5 billion to Egypt

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RIYADH, Saudi Arabia (AP) — Saudi Arabia's finance minister says the kingdom has pledged $5 billion in grants and loans to Egypt's new government, a second major promise of aid from the Gulf to the cash-strapped country after the ouster of President Mohammed Morsi.

Saudi Arabia is a leading critic of Morsi's Muslim Brotherhood, as is the United Arab Emirates which earlier Tuesday announced a $3 billion package to Egypt.

The aid is the clearest sign yet of shifting policies among the wealthy Gulf nations. Qatar had been a main backer of the Brotherhood, giving Morsi's government several billion dollars.

Saudi Finance Minister Ibrahim al-Assaf says the package includes $2 billion to be deposited in Egypt's Central Bank and $2 billion worth of oil and gas.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

The United Arab Emirates says it has pledged $3 billion in grants and loans to Egypt's new government, in one of the first major promises of aid to the violence-wracked country following the ouster of President Mohammed Morsi.

The UAE is among the leading Arab critics of Morsi's Muslim Brotherhood.

The aid package announced Tuesday is the clearest sign yet of shifting policies among the wealthy Gulf nations. Qatar had been a main backer of the Brotherhood, and the ouster of Morsi raises questions about the status of its promised aid and investments.

The official news agency WAM said the UAE offered a $1 billion grant and a $2 billion no-interest loan.

The UAE alleges Islamist groups backed by the Muslim Brotherhood have sought to topple its Western-backed ruling system.

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