Egyptian Saudi Council Opens Its 1st Session Today

The Egyptian Saudi Business Council inaugurates today its first meeting in Cairo, after the Minister of Industry and Foreign Trade, Eng. Hatem Saleh, issued decision No. 945/2012 of forming the Egyptian side of the council, which includes 23 members of businessmen; representing the different sectors of the Egyptian Saudi cooperation.

The meeting claims to discuss a number of crucial issues, such as developing the joint business between the two countries and discussing the problems of the Saudi investment in Egypt; whereas Saudi Arabia tops the countries that invest in Egypt with 2876 ventures and at $5.7 billion capital in numerous sectors, as industry, constructions, tourism and financing services.

It also will tackle the state of Egyptian venture in Saudi Arabia. The number of the ventures is 100 ones with Egyptian capital; while the ventures with joint Egyptian Saudi capitals reach 300 ones at $2.5 billion investments.

The council will fix a joint meeting for the members of the Egyptian and Saudi sides. The meeting is expected to be convened in Riyadh next March.