Saudi investors to raise investments in Egypt to $51bn

Saudi investors to raise investments in Egypt to $51bn
(Photo credit: Statement)

Cairo – Mubasher: The Egyptian-Saudi Businessmen Council is planning to raise the ceiling for investments in Egypt from both the public and private sectors in the Kingdom.

The ceiling will be raised to $51 billion, the council said in a statement released Friday, adding that investments will be pumped as part of an ambitious plan focusing on the agricultural, industrial and tourism sectors.

Investments will also include the development of the Suez Canal project as well as other projects in energy and real estate development, the statement added.

As Saudi investors, we are optimistic about the improvements taking place in Egypt's investment atmosphere, particularly owing to the strong ties between the two countries, said Sheikh Saleh Kamel, the head of the Saudi delegation.

In attendance at the meeting were Egypt's investment and international cooperation minister Sahar Nasr, a number of major Saudi investors including Sheikh Saleh Kamel, Abdulrahman Al Sharbatly and NTG chairman Mohamed Al-Ballaa, among others, according to the statement.


Source: Mubasher