Saudi Fund for Development eyes more cooperation with Egypt

The Saudi Fund for Development (SFD) expressed interest in furthering cooperation with Egypt, said the fund’s vice-chairman and managing director, Khaled bin Sulaiman Alkhudairy, during a meeting with Egypt’s Minister of Investment and International Cooperation Sahar Nasr on the sidelines of the Future Investment Initiative (FII) held in Riyadh from 29 to 31 October.

Alkhudairy stated that Egypt’s stability and development meant the stability of the Arab nation, adding that the economic and legislative reforms Egypt adopted had improved the investment climate in Egypt and attracted Saudi investors to do business in Egypt.

Nasr said at the FII that Egypt wanted to boost cooperation ties with Arab financial corporations, and particularly with the SDF.

She stressed the fund’s important work on development projects in Sinai which have a positive social impact on the residents of the peninsula. These projects, Nasr said, improved services, generated jobs and upgraded infrastructure networks to attract more investments.

The SDF financed the first phase of the Sinai development programme with a total of $2.6 billion, and was at present engaged in financing the second phase.

Nasr called on Saudi investors to increase investments in Egypt, saying the country was providing venture opportunities in national mega-projects, including the Suez Canal, the New Administrative Capital, and New Alamain city.

The Egypt-Saudi Arabia cooperation portfolio recently recorded $2.013 billion in 24 production and venture projects.

Source: Ahram Online