Saudi Arabia, Egypt to establish two new firms for trade, training

Saudi-Egyptian business council is set to sign agreement to establish two new firms on the sidelines of Saudi King Salman’s next visit to Cairo, head of the Egyptian side stated Monday.

Speaking to Amwal Al Ghad, Abdel Hamid Abou Moussa said that one of the set-to-be-established firm will work in the field of trade and logistics while the other one is set to work in training and labour field.

By establishing those new firms, the council targets facilitating movement of mutual trade between Egypt and Saudi Arabia in addition to qualifying and training Egyptian labour for the needs of the Saudi market.

The head emphasised on the importance of King Salman’s historic visit to Egypt since it enhances bilateral economic relations as well as boosting Saudi investments in the Egyptian market.

Abou Moussa clarified that 2016 will witness an apparent increase in the volume of the incoming Saudi investments to Egypt as pursuant to King Salman’s orders to pump new investments estimated at SAR30 billion within the upcoming three years.

He noted that most of the new investments will focus on the new projects that Egypt is currently executing such as Suez Canal axe projects and the New Administrative Capital.

According to the Egyptian General Authority for Investments (GAFI), the volume of Saudi investments in Egypt reached US$6 billion.