Saudi private sector will invest SAR5 billion (US$1.3 billion) in Egypt within the upcoming period, said Masoud AL Haidar - Baord member of Council of Saudi Chambers (CSC) - on Saturday. On the sidelines of Egypt Economic Development Conference (EEDC), Al Haidar added that the investments are supposed to be pumped into several sectors in Egypt, notably tourism sector. On the other side, Egypt targets direct foreign investments' volume to reach US$8-10 million per year. The total amount of direct foreign investments in Egypt hit US$1.8 billion within the first quarter of current fiscal year 2014-15 compared to previous year's US$ 0.6 billion. Egypt's Economic Development Conference (EEDC) launched on Friday March 13 with 2,000 delegates from 112 countries in the Red Sea resort town of Sharm El-Sheikh. The conference is a key milestone of the government's medium term economic development plan, which is designed to bring prosperity and improved social services to the people of Egypt. Attracting leading global figures from business and politics, the EEDC highlights the extensive reforms the government has already implemented and showcases future reforms designed to restore fiscal stability, drives growth and attracts investment with the overarching aim of improving the welfare of the Egyptian people. Moreover, the conference also presents investment opportunities to domestic and international investors across key sectors.
