Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

New Saudi investments in Egypt expected to reach SR8.5 billion  Join our daily free Newsletter

MENAFN - Arab News - 09/12/2013
No. of Ratings : 0
Add to Mixx!

(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 oer 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.


Arab News

  MENA News Headlines
 Dec 1 2015 - Opec oil output increases in Nov, led by Iraq, SaudiMENAFN
(MENAFN) Opec oil output grew in Nov compared with the previous month, led by a rebound in Iraqi exports.Moreover; Opec supply increased in Nov to 31.77mn containers per day, from 31.64mn in ...

 Dec 1 2015 - Etihad Airways enhances presence in East Africa with new service between Dar Es Salaam and Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 1st December 2015 (WAM) --- Etihad Airways the national airline of the United Arab Emirates today enhanced its presence in East Africa with the ...

 Dec 1 2015 - Hazza bin Zayed statement on national day UAENationalDay44Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 1st December 2015 (WAM)--H.H. Sheikh Hazza bin Zayed Al Nahyan National Security Advisor has paid a glowing tribute to the founding fathers who ...

 Dec 1 2015 - Rising foreign investment in Dubai realty to ensure stability in real estate market: H Holding EnterpriseEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 1st December 2015 (WAM) --- The growing number of foreign investors in Dubai property will lead to more stability in the real estate market according ...

 Dec 1 2015 - Mansour bin Zayed's statement on national day UAENationalDay44Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 1st December 2015 (WAM)H.H. Sheikh Mansour bin Zayed Al Nahyan Deputy Prime Minister and Minister of Presidential Affairs has extended his ...

 Dec 1 2015 - ST Topping Pattern Begins to Emerge in USDOLLARDailyFX
(MENAFN - DailyFX) On a fundamental basis, we were already concerned about the viability of a USDOLLAR Index bull flag breakout given the wave of impending "high" level event risk at the end of this ...

 Dec 1 2015 - Saudi- Competition Council launches awareness caign to combat collusion in public tendersSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh 19 Safar 1437 AH December 1 2015 SPA -- The Competition Council has launched its 5th awareness campaign for the second year of publication of competition culture ...

 Dec 1 2015 - Competition Council launches awareness caign to combat collusion in public tenders 2 RiyadhSaudi Press Agency
(MENAFN - Saudi Press Agency) The campaign also aims to deliver the message of the Council using a variety of methods of press and electronic ads and the design and production of audio-visual films ...

 Dec 1 2015 - Kuwait Stock Exchange ends session with mixed boardsSaudi Press Agency
(MENAFN - Saudi Press Agency) KUWAIT Safar 19 1437 December 01 2015 SPA -- Kuwait Stock Exchange (KSE) ended its session Tuesday in a mixed board with the price index up by 0.98 points to reach 5803 ...

 Dec 1 2015 - Muscat Securities Market Gains 9 PointsSaudi Press Agency
(MENAFN - Saudi Press Agency) Muscat Safar 19 1437 December 01 2015 SPA -- Muscat Securities Market (MSM) general index (30) today added (9.9) points comprising a rise by (0.18%) to close at ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help