Egypt and Germany sign USD 1.14 bn arms agreement, Saudi backs out

Egypt to purchase frigates from Germany in USD 1.14 bn transaction: Egypt has signed a c.USD 1.14 bn order for two Meko 200 frigates with Germany’s ThyssenKrupp Marine Systems , German newspaper Handelsblatt cited sources as saying, according to Reuters. The two sides are still working out equipment details and financing.