KSA Halts $8 Bln Investments in Egypt’s market As Protests Imminent

Egypt-Saudi Business Council suspends the Saudi investments inside the Egyptian until the June 30th demonstrations, which call for toppling President Mohamed Morsi, end.

Abdullah bin Mahfouz, Head of Egypt – Saudi Business Council, said the volume of the Saudi investments in the Egyptian market is $ 8 billion, including $3 billion in real estate investments.

In statements to “Amwal Al Ghad”, Mahfouz said that the potential protests that Egypt will witness on Sunday would be a decisive point for the continuity of Saudi investments in the Egyptian market.

On the same context, Mahfouz referred to the deepness of the Egyptian Saudi ties, as the Egyptian exports achieved a big leap in the Saudi market; recording EGP 6.9 billion throughout January-May 2013, up from EGP 5.14 billon at the same period of 2012, rose by 34%.

Egypt’s exports to the Saudi market focused on numerous sectors such as the building materials (EGP 2.14 billion), and the engineering and electronic industries (EGP 1.2 billion).

The agricultural crops sector came third to attain EGP 753 million, followed b y the chemical and fertilizers sector at a value of EGP 450 million. The rest export value was divided on a number of sectors like furnishings, furniture and others.