CAIRO: A group of Saudi Arabian businessmen plan to set up an investment development bank in Egypt worth 100 billion EGP (U.S. $17 billion), state news agency MENA reported Wednesday. MENA quoted billionaire Sheikh Saleh Kamal, head of the Saudi Chamber of Commerce and Industry, as saying the bank will be based in Cairo and will focus on direct investment in Egypt. He also said the process of establishing the bank will begin soon. He said during a meeting of the members of the Egyptian Businessmen's Association that the decision to establish the new bank would help the Egyptian economy come out from the current crisis by creating new jobs, contributing to solving the unemployment problem and giving a strong impetus to the Egyptian economy, which was undoubtedly affected by the recent events in Egypt. Kamel added that Saudi investments in Egypt were unharmed during the Egyptian Revolution that led to the ouster of former president Hosni Mubarak. The President of the Egyptian General Authority for Investment, Osama Saleh, said Saudi Arabia tops the first place among Arab countries investing in Egypt and in second place for foreign investment, pointing out that more than 2,500 Saudi Arabian companies are operating in Egypt with contributions of paid-up capital of up to U.S. $5 billion. BM
