Saudi Investors to Launch Rs100 mln Firm to Support SMEs in Egypt

The Chairman of Egyptian-Saudi Business Council Abdullah bin Mahfouz has announced the launch of a new Saudi firm designated to support the SMEs in Egypt.

On the sidelines of the Gulf-Egyptian Investment Forum 2013 which kicked off in Cairo to allure Gulf investors to Egypt market, Mahfouz further added to Amwal Al Ghad that the capital of the newly-founded Saudi firm “Chances” is valued at 100 million riyals.

He stated that the main contributors to the new Saudi firm include prominent names in the Saudi market, notably Sheikh Abdulrahman Sharbatly and Fahd Shobokshi.

The upcoming year will witness the launch of new Gulf investments to Egypt with values exceeding US$ 10 billion in sectors of energy, petroleum and real estate, Amwal Al Ghad has quoted the Chairman of Egyptian-Saudi Business Council Abdullah bin Mahfouz as saying on Wednesday.