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MENAFN - Arab News - 09/12/2013
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(MENAFN - Arab News) Abdullah bin Mahfouz, chairman of the Saudi-Egyptian Business Council (SEBC), says that the volume of Saudi investments in Egypt - from June 30 until the end of the year - is expected to reach SR8.5 billion.
The investments will mainly be in housing, minerals, pharmaceuticals and agriculture.
He was speaking at the conclusion of a recent conference in Cairo for Gulf investors in Egypt.
Saudi and Egyptian officials attended the event.
Mahfouz told Arab News: Egyptian officials have assured us that they will remove the hurdles standing in the way of Gulf, especially Saudi investors, who are more knowledgeable about the Egyptian market, due to their long experience there. This is surely an indication of the recovery of the investment market in Egypt."
He pointed out that the Egyptian economy is now in the process of regaining investor confidence.
In 2013, he said the commercial and investment exchange between the two countries accounted for 40 percent of the Arab economic trade.
"There are outstanding sums worth 1 billion in Egypt for the benefit of Saudi investors. Half of this amount is owed by the Egyptian government, and the other half is still being contested in the courts with Egyptian investors," he said.
"The amount of troubled Saudi investments in Egypt account for only 20 percent of total investments," Mahfouz said.
"Most of them are making good progress under the circumstances. SEBC is confident that the Egyptian constitution and mutual Saudi-Egyptian agreements will help to sort out the problems affecting the market. I want to emphasize that Saudi Arabia will still be at the top of foreign investments in Egypt in the coming period," he said.
He also said Commerce and Industry Minister Tawfiq Al-Rabiah announced in May that there are 30 troubled and contested Saudi investment projects in Egypt.
"The minister said that of these projects, 10 had been settled. The remaining 20 are now being taken care of by SEBC," he said.
Commenting on the contribution of the SEBC, Mahfouz said the 89-member SEBC had assisted greatly in curbing the financial losses incurred by investors as a result of the riots and turmoil of the first and second revolutions.
"The SEBC is working with the Egyptians for opening up new investment channels in the agricultural and mineral sectors," he added.

 


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