Egypt to sign legal contracts of $46mn-Saudi investments soon

The Egyptian government is to sign the legal contracts of new Saudi projects soon, investment minister Ashraf Salman affirmed Monday. The Saudi investments are estimated at 360 billion Egyptian pounds (US$45.9 billion).

The Saudi investor pays a great intention to the investment opportunities that Egypt owns, Saudi Alriyadh newspaper reported.

Among those investments are three housing projects to be carried out by cooperation between the Egyptian Mountain View company and Saudi Arabia’s Seiseban Company, the minister said. The total investment cost of the three projects is estimated at 170 billion pounds.

He added that Saudi investors are to implement South Marina development project which is set to be on the space of 2,800 feddans.

Minister Salman clarified that investment ministry has signed a contract with the Saudi investor Abdel Rahman Al Sharbatly  worth 5.5 billion pounds (US$ 500 million) to manage international hotels in City Stars Sharm El Sheikh tourist complex.

In energy field, Egypt has signed two cooperation agreements with ACWA Power Company during Egypt’s March Economic Summit, Salman said.