Saudi investors eye 3 sectors to boost investments in Egypt to $8bn

Saudi investors have initially chose energy, tourism and housing sectors to activate the Memorandum of Understanding (MoU) that has been signed Sunday, Egyptian Investment Minister said Tuesday.

Minister Ashraf Slaman stated that the MoU -that has been signed the sidelines of meeting of the Saudi-Egyptian Coordination Council- aims at boosting Saudi investments in Egypt to 30SAR (US$7.9 million).

Salman said that the ministry is exerting efforts to facilitate all procedures for Saudi investments in Egypt.

The ministry also showcased some of available projects for Saudi investors to finish the offers series that Egypt presented for the Saudi side eight months before, the minister added.

According to the MoU, Egyptian investment ministry is set to showcase attractive investment projects in different economic sectors for the Saudi Fund for Development (SFD) to study them and choose the suitable ones.

It targets attracting Saudi investments to Egypt in all economic sectors notably those three sectors.

The two parties agreed on making technical, economic, and financial as well as environmental studied -if needed-for any joint project.

Slaman clarified that the ministry is to follow up the governmental procedures inside Egypt which are related to fund’s investments to grant necessary approvals and licences as soon as possible. Egyptian and Saudi sides are to make schedule on finishing all procedures of those investments.

Minister Salman clarified that Egypt and Saudi Arabia are set to hold periodical meetings to discuss means of developing any project in addition to overcoming obstacles that it may face.