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 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.

 


Arab News




  MENA News Headlines
 Aug 1 2015 - Qatar Airways refutes US carriers' subsidy claimsMENAFN
(MENAFN) Qatar Airways (QA), in a 'white paper' submitted to the US, has refuted the subsidy allegations against it by the 'Big 3' US carriers.The submission addressed and answered all issues raised ...

 Aug 1 2015 - S&P confirms Doha Insurance rating at 'A'MENAFN
(MENAFN) Standard & Poor's Ratings Services affirmed its 'A' insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. QSC (DIC). The outlook remains ...

 Aug 1 2015 - Foreign firms eye USD5b Saudi gas projectMENAFN
(MENAFN) Foreign engineering firms have submitted bids to build a gas plant in eastern Saudi Arabia for Saudi Aramco at an estimated cost of USD5 to USD6 billion, industry sources said.Saudi Aramco's ...

 Aug 1 2015 - Qatar- S&P affirms DIC ratings at 'A'The Peninsula
(MENAFN - The Peninsula) Standard & Poor's Ratings Services yesterday affirmed its 'A' insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. QSC (DIC). The ...

 Aug 1 2015 - Yemen shelling kills 4 on Saudi borderThe Peninsula
(MENAFN - The Peninsula) Rocket fire from war-wracked Yemen on Friday killed threeSaudi soldiers and a member of a paramilitary force, in the deadliest border incident for several weeks, the interior ...

 Aug 1 2015 - Al-Qaeda in Syria attacks US rebel baseThe Peninsula
(MENAFN - The Peninsula) Al-Qaeda's Syria affiliate launched a fierce assault on the headquarters of a US-trained rebel group Friday, while claiming responsibility for capturing members of the ...

 Aug 1 2015 - 4 killed as Saudi private jet crashesThe Peninsula
(MENAFN - The Peninsula) Pilot and three passengers are killed after Saudi private jet crashes into a car dealership near Hampshire airport after overshooting the runway as it tried to land.The small ...

 Aug 1 2015 - Palestinian baby dies in home attackThe Peninsula
(MENAFN - The Peninsula) Suspected Jewish settlers torched a Palestinian home in the occupied West Bank yesterday, killing an 18-month-old boy and seriously injuring his parents and elder brother, an ...

 Aug 1 2015 - Houthis lose ground in Yemen's southThe Peninsula
(MENAFN - The Peninsula) Southern Yemeni fighters backed by a Saudi-led air coalition seized more territory from Houthi militiamen near Aden yesterday, while three Saudi soldiers were killed when the ...

 Aug 1 2015 - Kurdish attack kills two Turkish copsThe Peninsula
(MENAFN - The Peninsula) Two more Turkish police were killed yesterday in an attack blamed on Kurdish militants as tensions in the country boiled over amid the military's cross-border bombing ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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