Saudi investments in Egypt have captured the lion’s share of the Egyptian market since the outbreak of June 30 uprising, according to a recent report released by the Egyptian General Authority For Investment and Free Zones (GAFI). The Saudi investments have exceeded EGP one billion in July.
GAFI’s reported further revealed that the number of the Saudi firms founded in Egypt since the ouster of the Egyptian president Mohamed Morsi has reached 16.
With a capital exceeding US$ 23 billion, the number of the Saudi firms in Egypt from the period of 01/01/1970 to 31/07/2013 has reached 3045, distributed to 9 governorates, notably Cairo and Giza as well as governorates of lower Egypt.
Moreover, GAFI’s reported referred that more than 50% of the Saudi investments in Egypt are designated for the services sector, mainly in tourism and real estate development sectors.