Saudi tycoon says a new firm to invest in Suez Canal axis

Saudi-Egyptian Business Council (SEBC) is to create a new company to invest in Suez Canal axis as soon as Egyptian government issues the executive regulations of Suez Canal Authority law.

Saleh Kamel – SEBC’s Chairman- told Amwal Al Ghad that the company will be established with initial capital estimated at 3 billion Egyptian pounds (US$383 million)

He added that the council has recently urged the government to issue the regulations as soon as possible to start launching the new company.

The new company aims at pumping large investments into a number of projects set to be established in Suez Canal axis.

Kamel stated that the council has a plan to boost new company’s capital to 30 billion pounds within the upcoming period after starting executing the projects.

Chairman Kamel asserted that the Saudi firms have a deep well to participate effectively in the large projects that Egypt intends to execute within the upcoming period.

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