11 April 2016SR60 billion Saudi-Egyptian investment fund to be set up
Free trade zone, agriculture complex in Sinai agreed
Cairo -- Custodian of the Two Holy Mosques King Salman and Egyptian President Abdel Fattah El-Sisi witnessed here late Saturday evening the signing of 21 investment agreements and memorandums of understanding (MoU) between the two countries in a number of areas.
The two leaders also oversaw an agreement to set up a SR60 billion ($16-billion) investment fund and the establishment of a free trade zone in the Sinai Peninsula.
The two countries also signed agreements to develop a 2250 Megawatt electricity plant with a cost of $2.2 billion, set up agriculture complexes in Sinai and develop a canal to transfer water.
The statement also said that a company was set up to develop 6 square kilometers of the industrial zone around Egypt's Suez Canal worth $3.3 billion.
Memorandums of Understanding were signed to set up Export Development Company with a capital of one billion Egyptian pounds by Saudi-Egyptian investors, to set up a company to train and recruit Egyptian workers in the Kingdom, especially in the field of medical support services, to set up a company on search, study, participation and promotion for investment opportunities in Egypt and the establishment of its branches with a capital of one billion Egyptian pounds.
Framework agreements were signed for cooperation in the field of housing with Talaat Moustafa Group (TMG) Holding, Sabbour Real Estate Group, Misr Italia Investment Holding Company, and Orbit Alliance Investment and Real Estate Marketing Company.
A Memorandum of Understanding between Saudi Aramco and Arab Petroleum Pipelines Co. (SUMED) was signed while another MoU was signed for the construction of poultry production village in Sinai Peninsula.
Announcements were made for the establishment of Saudi-Egyptian Josour Al-Mahbah Company for the development of Suez Canal Zone by Saudi and Egyptian investors with a capital of three billion Egyptian pounds. Another announcement was made for the development of 6-km of the economic zone to establish a commercial industrial city.
© The Saudi Gazette 2016