Business council to discuss investments in Egypt, Saudi Arabia, Africa

On Tuesday, an important economic meeting headed by the Egyptian-Saudi Business Council will be held in Egypt to coincide with the visit of Saudi Crown Prince Mohammed Bin Salman.

Ahmed Al-Wakil, chairman of the Federation of Egyptian Chambers of Commerce, said in a statement that the meeting will discuss the development of economic relations at a bilateral level, as well as the launching of tripartite cooperation for joint projects in Africa.

Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce, told Arab News that Saudi Arabia ranks first in terms of Arab investments in Egypt. Trade exchange has increased and exceeds $6.2 billion.

The number of Saudi projects in Egypt has reached more than 2,900. They are worth more than $27 billion, with Saudi contributions exceeding $5.7 billion.

Ezz added that Egyptian projects in Saudi Arabia have grown to 1,300, with investments exceeding $2.5 billion, of which 1,000 are 100 percent Egyptian capital projects exceeding $1.1 billion.

Adel Amer, vice president of the Egyptian Center for Political, Legal and Economic Studies, said Saudi-Egyptian relations cannot be shaken. “Egypt would never delay in helping Saudi Arabia, and vice versa.”

Saudi tourism accounts for more than 20 percent of Arab tourism, and the number of Egyptians working in the Kingdom is 1.8 million, not including family members.

Sami Al-Obaidi, chairman of the Council of Saudi Chambers, said in a statement that the frequent visits between the Kingdom and Egypt are “a sign of the deep relations between the two brotherly countries led by the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al-Saud, and his Crown Prince Mohammed bin Salman, and the President of Egypt, Abdel Fattah al-Sisi.”

Source: Aran News