Saudi Arabia’s investments in Egypt amounts to roughly $5.7 billion, reveals Nasser Al-Hamdi, the Egyptian ambassador in Riyadh.
Al-Hamdi stresses that the Kingdom is the biggest Arab investor in Egypt, accounting for nearly 27 per cent of the total Arab investments, which amounts to $20bn, reports UAE-based Aliqtisadi.
The Egyptian ambassador confirms that 50 per cent of the problems faced by Saudi investors has been solved, pointing out that other problems are in the process of being resolved through close cooperation between the governments of the two countries. Those problems that are still on appeal before the Egyptian courts are the exception.
With regard to the withdrawal of Saudi investors from Egypt, Al-Hamdi affirms that this is mainly due to the dissolution of some joint ventures, as one of the parties prefers to work independently and establish a separate entity in terms of ownership and management.
(US$1 = AED 3.67, at the time of publishing)