No more 'free' Saudi money for Egypt -Saudi businessman familiar with matter

Egypt's President Abdel Fattah al-Sisi welcomes Saudi Arabia's King Salman in Cairo, Egypt, in this handout photo received April 7, 2016. REUTERS/Saudi Press Agency/Handout via Reuters

CAIRO (Reuters) - Saudi Arabia's financial support for strategic ally Egypt will no longer involve "free money" and will increasingly take the form of loans that provide returns to help it grapple with low oil prices, a Saudi businessman familiar with the matter said.

"This is a change in strategy. Return on investment is important to Saudi Arabia as it diversifies sources of revenue," the businessman told Reuters on Friday during what has been described as a "historic" visit to Cairo by Saudi King Salman.