Saudi Arabia raises investment ceiling in Egypt to $51 billion, Bin Mahfouz

CAIRO - 30 April 2017: Kingdom of Saudi Arabia is willing to increase the ceiling of investments in Egypt from $25 to $51 billion in 2017, as well as training 300 thousand Egyptians to work on Saudi projects, Deputy Head of Saudi-Egyptian Business Council, Abdallah bin Mahfouz said Saturday.

“We want to make benefit of Egyptian government’s projects in Suez Canal, by activating “Josoor el-Mahaba” (bridges of Love) company, established by Saleh Kamel alongside 32 other businessmen, in order to invest in Suez Canal Axis,” Bin Mahfouz told Saudi newspaper of Al-Jazeera.

“We are ready to pump an extra $1 billion alongside Saudi government, to reach a $51 billion investment in Egypt; $12 billion from the public sector, $38 billion from the private sector, and $1 as a contribution from Saudi-Egyptian Business Council,” the deputy head added.

The council, headed by Sheikh Saleh Kamel, will hold its upcoming meeting in Cairo on May 7, based on the latest summit between President Abdel Fattah al-Sisi and King Salman in Riyadh earlier this month.