Saudi investments in Egypt worth $9 billion – c.bank governor

Saudi investment deals in Egypt add up to $9 billion, the Central Bank of Egypt (CBE) governor Tarek Amer said Saturday.

Last December, Saudi Arabia said it is going to raise its investments in Egypt to above 30 billion Saudi riyals ($8 billion) and will “contribute to providing Egypt with petroleum needs for the next five years.”

Saudi Arabia and Gulf neighbours, Kuwait and the United Arab Emirates were quick to show support to Egypt and back it financially after the military ouster of Muslim Brotherhood politician and former president Mohamed Mursi in July 2013, following mass protests against his rule.

In comments made on the sidelines of Africa 2016 business forum currently held in the Egyptian resort city Sharm El-Sheikh, CBE governor said the Saudi investments will be pumped in Egypt in the upcoming period.

Amer said “we are trying to contain prices and protect Egypt’s economy” which is “strong” but is facing challenges.

Years of political turmoil have taken a toll on the Egyptian economy, halving the state’s foreign reserves and driving away tourists, contributing to a dollar crisis.

Source: Aswat Masriya