Saudi Arabia to pump new investments in Egypt: official

CAIRO – 3 February 2018: Saudi Minister of State Essam Bin Saad Bin Saeed said Saturday that Saudi Arabia is keen to enhance economic relations with Egypt and intents to pump new investments in the country in the coming period.

This came during a meeting between Minister of Investment and International Cooperation Sahar Nasr and members of the Egyptian-Saudi Business Council and Council of Saudi Chambers on Saturday in Cairo, a statement from the ministry said.

Nasr said that the Egyptian government had exerted great efforts to attract investment through developing infrastructure and implementing economic and legislative reform programs.

She said that the recently-adopted investment law includes many guarantees to safeguard investors’ rights as well as incentives to invest in Upper Egypt and in labor intensive projects.

Nasr also said that the Parliament has recently approved the bankruptcy law that should further boost the investment climate.

The law regulates the financial and administrative restructuring for failed projects and companies.

The new law abolishes prison sentences in bankruptcy cases and limits punishments to a monetary fine. It also aims to minimize the need for companies or individuals to resort to the courts and to simplify post-bankruptcy procedures.

The minister called upon Saudi investors to direct their complaints to the Investment Ministry should they face any problems, stressing that the government gives a priority to solve investors’ problems.

During the meeting, Nasr presented to Saudi investors the available investment opportunities in different sectors and invited them to invest in Egypt and pump new investments in the new administrative capital and Suez Canal Economic Zone.

Deputy Head of the Saudi side of the Egyptian-Saudi Business Council has praised Nasr’s efforts in supporting investors, saying that he will collect the complaints of Saudi investors in Egypt and send it to the Ministry of Investment within a week.

The Saudi businessmen have offered to pump new investment in the fields of real estate and date manufacturing, according to the statement.