Saudi company to pump LE 500M investments in Borg El-Arab

CAIRO – 2 May 2018: A Saudi company will pump investments worth LE 500 million as a first stage for three cement production lines, Head of the General Authority for Industrial Development Ahmed Abdel Razek said on Wednesday.

He said that the company requested 200,000 meters in the industrial zone in Alexandria’s Borg El-Arab and that the first line of production will begin in 18 months once the land is allocated.

He added that the company will manufacture cement packaging bags.

A joint cooperation protocol will be signed between the two sides to exchange expertise and information on industrial activities, Abdel Razek further said.

Egypt and Saudi Arabia enjoy thriving economic relations. Some 4,309 Saudi companies have investments in Egypt, with capital inflows of $7.218 billion, according to the General Authority for Investment and Free Zones.

Ranked as the second-largest Arab investor in Egypt, Saudi Arabia has 854 companies working in Egypt’s industrial sector, 1,366 in services, 784 in construction, 322 in tourism, 111 in the financial sector, 490 in agriculture and 382 in communications and information technology.

During Saudi King Salman’s official visit to Cairo in April 2016, Egypt and Saudi Arabia signed loan agreements worth over $24 billion. They also signed an agreement to set up a $16 billion Saudi-Egyptian investment fund.