Saudi eyes $51B investments in Egypt, $3B portfolio

CAIRO – 19 May 2017: Saudi investments in Egypt will rise to $51 million, and the cooperation strategy between the Islamic Development Bank (IDB) will reach $4 billion in 2017-2019, according to a Friday statement by the Investment Ministry.

The Egyptian-Saudi Business Council plans to increase Saudi investment through an “ambitious plan,” said Minister of Investment Sahar Nasr, who met with several senior Saudi investors, including Sheikh Saleh Kamel, on the sidelines of the 42nd meeting of the IDB in Jeddah.

The cooperation portfolio with the IDB has already amounted to $2 billion to improve the livelihood of Egyptians through small and medium-sized projects in the fields of health, housing, sanitation, and agriculture. Meanwhile, Nasr discussed with Bandar Hajjar, head of IDB, the prospects of opening a branch in Cairo.

Nasr also met with Hany Sonbol, director of the International Islamic Trade Finance Corporation, to discuss enhancing investment partnerships between Arab and African states, as well as attract direct investments to Egypt as a gate into the African market.

She also highlighted in the meeting with the Saudi investors that she is drafting the executive statue of Egypt’s new investment law in coordination with other ministries. The statute will then be presented to the prime minister to reach a regulatory framework for investors.

The new law seeks to improve the following aspects: improving the business environment and reducing bureaucracy, digitalizing investor services, improving the efficiency of the Investment Services Centers, encouraging investment through the investment map, enhancing governance and transparency, providing investment incentives in certain areas and fields to ensure sustainable development, and providing guarantees and a clear investment policy.

The Saudi investors said the private and public sectors in their country intend to invest in the agricultural, industrial, energy, construction and tourist sectors, as well as the development of the Suez Canal axis to ensure that Jeddah stays the top Arab investor in Egypt.