Leading businessmen from Saudi Arabia and Egypt are planning to set up a 100-bed hospital in the latter country at an investment of up to E£600 million ($83.6 million), said a report.

The official announcement of "the largest medical project" in Egypt will be made at the second annual ceremony of Saudi-Egyptian Businessmen Association (Seba) on January 31, reported Daily News Egypt.

Saudi Arabia has been a strong backer of Egypt since the ouster of former president Mohamed Morsi in July 2013, stated the report.

The kingdom had last year offered Egypt grants, deposits and petroleum products worth $5 billion. The Saudi aid was divided into $1 billion cash, a five-year $2-billion interest-free deposit at the Central Bank of Egypt (CBE), and $2 billion in the form of petroleum products, it added.