The agreement was signed during Saudi Arabia's King Salman visit to Egypt during which several investment projects were announced.

The technical drawing of the border include the Tiran and Sanafir islands as part of Saudi Arabia's territory, the statement said.

In 1950, Saudi Arabia's founder King Abdulaziz Al Saud had requested Egypt to protect those islands which has been the case since then.

Drawing up the maritime border for both countries had been in progress for over six years.

"This enables both countries to benefit from the exclusive economic zone for each, with whatever resources and treasures they contain," the statement said.