26 Saudi firms to invest $4.5bn in Egypt’s 1.5M Feddans project

Around 26 Saudi firms wait the approval of the Egyptian Cabinet to get 300,000 feddans in state’s 1.5 Million Feddans project with investments worth more than 35 billion Egyptian pounds (US$4.46 billion).

Speaking to Amwal Al Ghad, Ahmed Sabry Darwish -secretary general of the Saudi Egyptian Businessmen Association (SEBA) – stated Thursday that the Saudi companies have met all the requirements.

The firms are ready to start executing the project immediately after getting Cabinet’s approval, Darwish stated.

He added that SEBA held a number of meetings with some officials, prominently Minister of Agriculture Essam Fayed to discuss the executive procedures that enable those Saudi firms to get the 300,000 feddans.

Those meetings were held with the presence of a number of largest SEBA members, notably Savola Group, Chipsy Egypt, Arab Authority for Agricultural Investment and Development (AAAID), and Nadec.