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
 Mar 1 2017 - Jordan- AlGhad Mourns 'Accountant', Dies in Accident on CampusAlghad Newspaper
(MENAFN - Alghad Newspaper) AMMAN —AlGhad— An accountant for AlGhad, aged 54, was found dead inside the Newspaper building due to an unfortunate accident. The police have launched an ...

 Mar 1 2017 - King Congratulates Jordanians on 61st Army Arabisation AnniversarySays Arabisation Reinforced and Furthered Jordan's Independence and SovereigntyAlghad Newspaper
(MENAFN - Alghad Newspaper) AMMAN —AlGhad— His Majesty King Abdullah II, on Twitter, congratulated Jordanians on the 61st Anniversary of the Arabisation of the Army, when His Majesty ...

 Mar 1 2017 - Authorities Seize 200k Narcotic Pills near Jordan-Syria BorderlineAlghad Newspaper
(MENAFN - Alghad Newspaper) AMMAN —AlGhad— A joint Border Guard and Anti-Narcotics task force stormed a drug lair near the northern Jordan-Syria borderline and found a stash of 200 ...

 Mar 1 2017 - ROMA: Los hielos polares se reducen cada vez másMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 28, 2017 Los hielos polares se reducen cada vez más Por Baher Kamal La extracción mundial de minerales se triplicó en las ...

 Mar 1 2017 - Kuwait- Nation stuck in trivialities - 'Development scarce'Arab Times
(MENAFN - Arab Times) Ahmad Al-Sarraf Some time ago, the Court of Appeals in Mauritania sentenced to death writer Mohammad Ould Omekhetir, on charges of apostasy, after he was arrested for ...

 Mar 1 2017 - AlGhanim and AlMarzouq join Boursa Kuwait board - High qualified professionalsArab Times
(MENAFN - Arab Times) Mohammed Al-Saqqaf KUWAIT CITY, Feb, 28: Boursa Kuwait recently announced that two new board members have joined its board; Talal Fahad AlGhanim and Soliman Barrak ...

 Mar 1 2017 - Zain wins prestigious GSMA award - Group honored with 'Outstanding Contribution to Mobile Industry Award'Arab Times
(MENAFN - Arab Times) BARCELONA, Feb 28: Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa, announces its recognition as a winner of the GSMA's ...

 Mar 1 2017 - Kuwait- Ooredoo named as one of world's top 50 telecoms brands - Company's brand value nearly quadrupled to more than $3bn in four yearsArab Times
(MENAFN - Arab Times) Group photo of Ooredoo officials at the event DOHA, Feb 28: Ooredoo is the fastest-growing of any of the major telecoms brands in the region, rising in value 48 percent from ...

 Mar 1 2017 - Julius Baer hold off Bin Drai 11-10 - Zedan outclass WolvesArab Times
(MENAFN - Arab Times) Action shot taken during the Zedan and Wolves Polo match. DUBAI, UAE, Feb 28: Julius Baer by Habtoor Polo and Zedan Polo achieved this afternoon at the Al Habtoor Polo ...

 Mar 1 2017 - 8th Kuwait Open tennis tourney starts March 2Arab Times
(MENAFN - Arab Times) 8th Kuwait Open Tennis Tournament promo logo KUWAIT CITY, Feb 28, (KUNA): Kuwait Tennis Association has declared the launch of the 8th Kuwait Open Tennis Tournament this ...

more...


 





Google

 
 

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

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