Saudi Investments in Egypt to Hike 100% in Two Years – Official

Hassan Fahmy, Chairman of the Egyptian General Authority for Investment, expected the Saudi investments in Egypt to surge at least 100% by 2016.

Fahmy told the Saudi Al-Madina newspaper that the ministry is exerting efforts to remove all obstacles facing investors in Egypt, adding that Saudi Arabia ranks first in Egypt with investments reaching $6 billion.

The number of Saudi companies working in Egypt reaches more than 3000, the top official indicated.

Fahmy ruled out any negative impacts on the Saudi investments in Egypt, indicating that the Saudi investor is unlike the other Arab and foreign investors because of the strong ties between Saudi Arabia and Egypt.

Source: Mubasher