Saudi-Egypt Business Council to form 10 new firms with $4bn-investments

A bunch of Saudi-Egyptian investments worth 36 billion Egyptian pounds (US$4 billion) are set to be injected into Egyptian market through establishing ten large firms within the upcoming period.

Vice Head of the Saudi side at Saudi-Egyptian Business Council Abdullah Bin Mahfouz stated Wednesday that Egyptian and Saudi investors will be welcomed to take part in capitals of those firms.

Chairman of council’s Saudi side Saleh Kamel pledged to cover capitals of the ten firms within three months, Mahfouz noted on the sidelines of council’s meetings.

The vice head pointed out that Josour Company will be the first one to invest in Suez Canal development projects with total capital estimated at 3.8 billion pounds of which 10 percent has been deposited into banks.

In November 2014, tycoon Kamel announced the establishment of Josour Company to invest Suez Canal projects notably those related to upgrading ports, maritime activities in addition to shipping and unloading processes.

Mahfouz added that the council has studied offers from 32 Saudi economic groups  to participate in activities of Josour Company.

One of the set-to-be-established firms is a holding one that will work in the field of exporting and importing in order to boost volume of Egyptian exports to Saudi market from US$1.3 billion to US$2.6 billion, the official added.

The company will be able to build warehouses and logistics zones to serve trade movement between two states. It will also support Egyptian firms that deal with Saudi market since most of them are medium-sized.

Council’s plans also includes creating a company to develop and qualify human resources with the capital of one billion Egyptian pounds. It will work in medical sector in addition to giving certificates that enable trainees to work in Gulf, Saudi, and European markets.

The council also targets establishing  company to be the largest one in Middle East in poultry industry field.