Saudi to Unveil Investments in Egypt

Saudi to Unveil Investments in Egypt

After a two-day visit to Egypt by Saudi Arabia’s Crown Prince Mohammed bin Salman, a huge investment using Public Investment Fund would be unveiled soon.

The Head of the Saudi-Egyptian Business Council Abdullah bin Mahfouz has said that huge Saudi investments would be announced soon.

The Saudi Crown Prince Mohammed bin Salman left Cairo Tuesday, after a two-day visit.

He was received by the Egyptian President Abdel Fatah al-Sisi, where the two officials held bilateral talks to discuss ways to strengthen bilateral relations between the two states.

Mahfouz said Saudi Arabia was optimistic that the visit would result in the announcement of huge Saudi investments, especially by the Public Investment Fund of Saudi Arabia, which has studied many investment opportunities in Egypt.

Many businessmen are also very keen to invest in the projects of Egypt’s New Administrative Capital, the New el-Alamein City, and the October Oasis project at Giza’s 6th of October City as well as the privatization projects announced by the Egyptian government, Mahfouz said.

The Saudi businessmen see Egypt as the second main market, after Saudi Arabia, and consider Egypt as a center for exportation to the African and Asian continents, Mahfouz said.

He also asserted that Egypt’s Disney Land was among the largest projects executed by Saudi businessmen in Egypt in partnership with US investors, at a total cost of $3.3 billion.

Mahfouz also praised the relations between the two countries which he described as strong and aiming at the same target. He said that the visit of the Crown Prince to Egypt will help achieve the vision of the two governments to increase the volume of trade exchange between them and also to strengthen their economy.

He added that the visit will also contribute to accelerating the implementation of all previous economic agreements signed between the two countries with an investment value of over $16 billion, including the establishment of a Saudi-Egyptian fund which aims at sending Saudi investments to development projects in the Egyptian governorates.

 

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