Saudi Investments in Egypt Hit $628 mln in 3 Years

Speaking to the newly-launched Egyptian-Saudi Businessmen Association which has been inaugurated Sunday afternoon in Cairo, Egypt’s Investment Minister Osama Saleh said Saudi Arabia’s investments in Egypt hit around US $ 628 million during the last 3 years.

The government is looking forward to doubling the volume of Saudi investments in Egypt within the coming years, the minister noted.

The Egyptian-Saudi Businessmen Association aims to provide investment opportunities for Saudi investors in Egypt and to resolve the obstacles facing foreign investment.

Minister Saleh further referred that Saudi Arabia ranks first in the foreign non-petroleum investments made in the Egyptian market. This comes as Saudi Arabia has around 3000 investment firms in Egypt which cover all the economic sectors, notably industry and tourism in addition to some recent agricultural projects.