The UAE on Wednesday (July 4th) signed a memorandum of understanding with Egypt's Al-Azhar University to provide 155 million dinars ($42.1 million) in project funding, UAE's Al-Ittihad reported Thursday.

The funding comes as part of a scientific and cultural co-operation agreement between the UAE and Egypt, and will help establish a new library for the university and its nearly 50,000 precious manuscripts and publications.

In addition, the funding deal will help secure the current library's contents by implementing electronic security and control systems, and will also help fund Al-Azhar students' housing.