Egyptian-Saudi Business Council to hold meeting on Feb 23

CAIRO - 14 February 2019: The Egyptian-Saudi Business Council will hold a meeting on February 23 in Cairo under Governor of Faisal Islamic Bank of Egypt Abd El Hamid Abou Moussa and Chairman of the Jeddah Chamber of Commerce and Industry and the Islamic Chamber of Commerce Sheikh Saleh Kamel.

Presidents of 100 major Saudi companies will attend the meeting which aims at devising a plan to promote trade and investment relations between Egypt and Saudi Arabia.

President of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed el Wakeel said in a statement on Thursday that the meeting will tackle the mechanisms of activating the work plan to develop economic ties between Egypt and Saudi Arabia and shore up cooperation in joint projects in Africa.

Participants will discuss benefiting from the presidency of Egypt to the African Union especially in the fields of construction, infrastructure and agriculture, Wakeel said.

Cooperation will be activated between the small and medium-sized enterprises in Egypt and Saudi Arabia via linking between the chambers of commerce in both countries, he said.

Meanwhile, Chairman of the Council of Saudi Chambers (CSC) Sami al Obaidi said Egypt and Saudi Arabia are working on achieving full integration between their industrial sectors.

A large delegation of the CSC will participate in the 4th Investment Forum in Cairo on March 2-4, Obaidi said.

Meanwhile, Sheikh Saleh Kamel said that Egypt is now more attractive for investments after the economic reforms it has recently introduced.

Abou Moussa put the number of Egyptian projects in Saudi Arabia at 1,300, with a total investment exceeding 2.5 billion dollars.

Egypt and Saudi Arabia will focus during the current stage on boosting cooperation between the Egyptian and Saudi companies in the field of manufacturing, he said.