By Mahmoud Salah Eddin
Cairo – Mubasher: A total of 3,744 Saudi companies have been established in Egypt, with investments worth $6.117 billion, since 1970 till the end of February, 2016, revealed data issued by General Authority for Investment and Free Zones (GAFI).
These investments are distributed across seven sectors, with industry taking the lion’s share (785 companies with $2 billion Saudi investments), then constructions (629 companies with $1.3 billion Saudi investments).
Meanwhile, Saudi King Salman bin Abdulaziz Al Saud started today a five-day visit to Egypt, which is his first since he came to the throne in 2015.
The Egyptian government signed yesterday 13 loan agreements worth $1.9 billion with Saudi Arabia.
The kingdom will provide most loans to develop the Sinai Peninsula by injecting $1.5 billion in 11 investments, including King Salman University in Tur Sinai, as well as projects in poultry farming and land reclamation, and in New Suez Canal.
Trade exchange between Egypt and Saudi Arabia amounted to SAR 23.8 billion (EGP 56 billion) in 2015.
Translated by Sayed Abdel Rahman
