Saudi businessmen intend to invest in Egypt, says minister

Trade and Industry Minister Hatem Saleh said at a meeting with the Egyptian-Saudi Business Council Wednesday that there are Saudi companies that are interested in setting up projects in Egypt, particularly in petrochemicals and agriculture.

“Some have completed feasibility studies,” he told the council, which comprises 50 investors in various fields.

Saudi Minister of Commerce Fauzan bin Rabia said the he is keen to boost cooperation between Egypt and Saudi Arabia because President Mohamed Morsy paid his first presidential visit to the kingdom.

He added that trade between the two countries went up by 19 percent in 2011, amounting to LE29 billion, and by 50 percent in the first quarter of this year.

Abdallah Dahlan, head of the Saudi investors, said investments can contribute to the exploitation of Egyptian gas, which is exported at low prices.

Edited translation from Al-Masry Al-Youm

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