Fourteen Saudi-owned projects worth $1.5 billion are faltering in Egypt out of $27bn, which is the total value of Saudi investments in the North African Arab nation.
Egypt’s minister of tourism Hisham Za’zou said the 14 cases include six agricultural projects while the remaining are commercial and industrial projects.
He said that a new Egyptian government committee will be set up to resolve these cases and reach out to investors and work with them on settlements.
The minister said he expects this issue to be worked out within the next few days, emphasising that Saudi ventures play a key role in the development of Egypt’s national economy.
In remarks published by Al-Eqtisadiah, the Egyptian minister commended Saudi Arabia’s financial and economic support to his country.
Earlier, the minister announced that talks between Saudi and Egyptian authorities were underway on plans to build the largest tourist resort in Sharm El-Sheikh. The project is estimated to require an investment of approximately $4bn, to be financed by Saudi capital.
A few days ago, Custodian of the Two Holy Mosques King Salman pledged a total of SAR30bn ($8bn) in investment and aid to Egypt over the next five years.
($1 = AED3.67, at the time of publishing)