Discussions to Release Frozen Saudi Investment in Egypt

The Egyptian government is currently meeting behind closed doors with a number of Saudi investors whose investments are in Egypt, as their discussions are centered on the assets which were confiscated or frozen during the revolution which toppled President Hosni Mubarak’s regime.

The goal is to reach a cordial solution to the problem that would guarantee the rights of all the parties involved.

Prime Minister Kamal Al-Ganzouri was personally leading these talks which would be held with three of the top Saudi investors.

The first of these meetings was held last week between Ganzouri and one of the investors and added that the four-hour meeting culminated in a successful agreement between the two sides.

The agreement may pave the way for further agreements that would enable the Saudi investors to reimburse their funds.

Speaker Saad Al-Katatni has asked Faiza Abu Al-Naja, Egyptian Minister of Planning and International Cooperation, to handle the file of the Saudi investments in Egypt.

Confidential talks are scheduled with two other Saudi investors during the next fortnight to conclude amicably the remainder of the Saudi investments, as Saudi Gazette stated

Once concluded, the agreements would be officially documented so as to make them legally binding. They expected the accords to be announced in July.

This would also prevent the Saudi investors from taking the issue to international arbitration which might take a long time, cost more money and involve other parties as well.