|09 December, 2019

Saudi investor plans to invest $930mln in New Alamein

The head of Saudi Egyptian Business Council said that he is willing to pump new investments, citing favourable investment environment in Egypt.

A general view shows a construction site of project "New El Alamein" by SIAC, Industrial Construction & Engineering Company at a highway of El Alamein in Egypt, October 23, 2018.

A general view shows a construction site of project "New El Alamein" by SIAC, Industrial Construction & Engineering Company at a highway of El Alamein in Egypt, October 23, 2018.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: The head of Saudi Egyptian Business Council (SEBC) said that his company aims to invest around EGP 15 billion in New Alamein City, according to a Monday statement by Egypt’s cabinet.

SEBC’s head Bandar Al Amri said that he is willing to pump new investments, citing favourable investment environment in Egypt.

“After ending my investments in other countries, I chose Egypt as an investment destination, due to its favourable investment environment,” Al Amri said, adding that his company is preparing to invest around EGP 15 billion in the new city.

Al Amri’s remarks came during a meeting between Egypt’s prime minister Mostafa Madbouly and SEBC members.

Egypt’s government has exerted efforts in order to eliminate a number of hurdles facing Saudi investors, Federation of Egyptian Industries’ (FEI) head Mohamed El Sewedy said.

However, we are looking to resolve other issues, with the aim of attracting new Saudi investments.

Premier Madbouly said that discussions shall be arranged with the Saudi ambassador to Cairo to help resolve those issues, adding that he and concerned ministers will follow up each issue.

Source: Mubasher

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