Saudi Arabia to inject new investments in Egypt: Nasr

The Minister of Investment and International Cooperation Sahar Nasr has met members of the Egyptian-Saudi Business Council and Council of Saudi Chambers on Saturday in Cairo, confirming that Saudi Arabia seeks to pump new investments in Egypt.

Saudi Minister of State Essam Bin Saad Bin Saeed said that Saudi Arabia is keen to enhance economic relations with Egypt and intents on pumping new investments in the country during the coming period.

Nasr said that the Egyptian government had exerted great efforts to attract investment through developing infrastructure and implementing economic and legislative reform programs.

She added that the recently-adopted investment law includes many guarantees to safeguard investors’ rights as well as incentives to invest in Upper Egypt and in labor intensive projects.

Nasr also said that the Parliament has recently approved the bankruptcy law that should further boost the investment climate.

Deputy Head of the Saudi side of the Egyptian-Saudi Business Council has praised Nasr’s efforts in supporting investors, saying that he will collect the complaints of Saudi investors in Egypt and send it to the Ministry of Investment within a week.

The Saudi businessmen have offered to pump new investment in the fields of real estate and date manufacturing, according to the statement.

The law regulates the financial and administrative restructuring for failed projects and companies.

During the meeting, Nasr presented to Saudi investors the available investment opportunities in different sectors and invited them to invest in Egypt and pump new investments in the new administrative capital and Suez Canal Economic Zone.