19 June 2013
JEDDAH -- A number of Saudi investors may be obliged to withdraw their investments from Egypt by the year-end if solutions are not found for their delayed projects, business daily Al-Eqtisadiah reported recently quoting a leading Saudi businessman.
"On June 25 we will go to Egypt and make it clear to the Egyptian side that there will be no new Saudi investments in Egypt and we will withdraw the existing investments," Abdullah Bin Mahfouz, chairman of the Saudi-Egyptian Council of Businessmen, was quoted by the paper as saying.
Bin Mahfouz, who returned from Cairo on Sunday, said the volume of the current Saudi investments in Egypt was more than SR2 billion.
He said he has handed over a comprehensive report about the obstacles facing Saudi investments in Egypt to the Saudi ambassador to Cairo. Bin Mahfouz also briefed the ambassador about the delay in Saudi projects. "The ambassador instructed the commercial attaché to monitor Saudi investments and make a schedule for finding solutions to the problems facing investors," he said.
Bin Mahfouz blamed certain officials for the problems facing Saudi companies and joint ventures in Egypt.
"The presidency and the council of ministers have no hand in the problems facing our projects. It is the middle managers and officials who are to blame," he said.
According to Bin Mahfouz, Saudi companies in Egypt employ more than 25,000 Egyptians.
JEDDAH -- A number of Saudi investors may be obliged to withdraw their investments from Egypt by the year-end if solutions are not found for their delayed projects, business daily Al-Eqtisadiah reported recently quoting a leading Saudi businessman.
"On June 25 we will go to Egypt and make it clear to the Egyptian side that there will be no new Saudi investments in Egypt and we will withdraw the existing investments," Abdullah Bin Mahfouz, chairman of the Saudi-Egyptian Council of Businessmen, was quoted by the paper as saying.
Bin Mahfouz, who returned from Cairo on Sunday, said the volume of the current Saudi investments in Egypt was more than SR2 billion.
He said he has handed over a comprehensive report about the obstacles facing Saudi investments in Egypt to the Saudi ambassador to Cairo. Bin Mahfouz also briefed the ambassador about the delay in Saudi projects. "The ambassador instructed the commercial attaché to monitor Saudi investments and make a schedule for finding solutions to the problems facing investors," he said.
Bin Mahfouz blamed certain officials for the problems facing Saudi companies and joint ventures in Egypt.
"The presidency and the council of ministers have no hand in the problems facing our projects. It is the middle managers and officials who are to blame," he said.
According to Bin Mahfouz, Saudi companies in Egypt employ more than 25,000 Egyptians.
© The Saudi Gazette 2013
