Egypt Seeks More Saudi Investments

Foreign Minister Prince Saud Al-Faisal yesterday emphasized the need to expand Saudi-Egyptian joint investments. “There are lots of opportunities in both countries to increase investment,” he told reporters after talks with his Egyptian counterpart Mohamed Kamel Amr.

Amr also stressed investment opportunities for Saudis in his country. He indicated that many countries doubled their investments in Egypt last year, adding that it amounted to $ 5 billion. “We give priority to energy and renewable energy projects not only to meet local needs but also to export to Europe,” he added.

“We welcome Saudi investments in these projects. We have discussed prospects of trilateral investment cooperation in big projects in neighboring countries,” he said while explaining Cairo’s efforts to solve most problems facing Saudi investors. “Our government is committed to protecting foreign investment,” he added.

Asked whether they had discussed Saudi-Egypt Causeway, Prince Saud said: “We have not discussed it because there are other matters that deserve priority. God willing, we’ll take measures on the causeway later.”

Amr said he had presented to Crown Prince Salman, deputy premier and minister of defense a message from President Muhammad Morsi to Custodian of the Two Holy Mosques King Abdullah, inviting the king to attend the OIC summit in Cairo next month.

Arab News