Saudi-based Saleh Saeed Teishan Limited Company for Trading and Contracting targets entering Egyptian market within the upcoming period.
General Manager Abdullah Saleh Teishan told Amwal Al Ghad Thursday that the company is to invest in the new projects that are set to be established among the real estate development projects of Suez Canal axe.
The official added that the company eyes entering Egyptian market upon three phases as it plans to inject initial investments estimated at 20 million Egyptian pounds during 2016 (US$2.2 million).
The company is currently negotiating with a number of Egyptian firms to enter into strategic partnerships within the upcoming period, he said.
Teishan asserted that the Egyptian market still attractive to foreign and Arab investments despite the unstable economic situation that Egypt witnessed recently.
He noted that cooperation relation between Egypt and Saudi Arabia are deep and include all fields notably the investment one as two states aims at developing it through opening mutual markets.
On other side, the volume of Saudi investments in Egypt are estimated at around SAR 25 billion by the end of 2016, representing 27 percent of total Arab investments in Egypt .
This volume is expected to increase as pursuant to starting execution processes in the new projects that the Egyptian government launched.
The official added that Saudi investors keen on taking part in those newly-launched projects.
Teishan clarified that real estate sector is one of the most sectors that able to attract Arab investment generally and Saudi ones in particular, as pursuant to the large projects that the government is currently executing notably the New Administrative Capital and One Million Home project .