Egypt's sugar plant, the biggest in the world, to produce 900,000 tons    Egypt's unemployment rate drops to 7.2%    Egypt's exports of food industries increase 5% in Q1    Egypt-first to have new climate targets ahead of UN summit    Egypt uncovers official logo for COP27    Ukrainian people say goodbye to Leonid Kravchuk – first elected president    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Canada's Robert Oliphant starts Egypt, Morocco visit today    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    AstraZeneca to boost Egypt investment 50% in three years    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



New roadmap for Egyptian-Saudi economic relations under development: Abdel Nour
Published in Daily News Egypt on 16 - 11 - 2013

Egypt and Saudi Arabia are set to develop a new roadmap for economic and trade relations over the coming period, according to a statement by Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour.
According to the minister, the plan will be based on benefiting from all investment opportunities offered by the Egyptian and Saudi economy in order to strengthen the existing partnership. He said the plan will be put in place with the participation of Egyptian-Saudi Business Council in collaboration with all business organisations in both countries.
This came during a meeting on Thursday between Abdel Nour and the Egyptian side of the Egyptian-Saudi Business Council, headed by Abdel Hamid Abu Mousa, to review the council's plans to increase the joint investments.
Abdel Nour expressed the government's keenness to solve the obstacles facing Saudi investments in the Egyptian market, noting that many troubles have been resolved and the others are being studied by the committee set up by the cabinet.
A number of Saudi investors in Egypt have faced hurdles as projects stalled following the 25 January Revolution. Some Saudi investors are seeking compensation for the nationalisation of their assets.
The minister was quoted in the statement as saying that the proportion of these problems is small out of the total Saudi investments, "which highlights the attractiveness of the Egyptian market for Saudi investors," adding that resolving the troubles will restore confidence in the Egyptian market.
Before the ouster of former President Mohamed Morsi on 3 July following a series of protests, the head of the Saudi side of the Egyptian-Saudi council, Abdullah bin Mahfouz, expressed his concern over Saudi investments due to the declining value of the Egyptian pound.
Egyptian exports to the Saudi market amounted to $2bn by the end of 2012.
Abdel Nour revealed the preparation of a "comprehensive exhibition" during January to showcase Egyptian products in Jeddah and Riyadh. "It includes agricultural and industrial products, and other sectors," he said, noting that the exhibition is in coordination with the Egyptian-Saudi Business Council, Federation of Egyptian Chambers of Commerce (FEDCOC) and the Council for Saudi Chambers of Commerce and Industry.
Reestablishing the Egyptian side of the council was aimed at promoting bilateral relations between both countries, the minister added.
The council will organise a joint meeting with the Saudi side early next year with the presence of Abdel Nour and his Saudi counterpart, according to Abu Mousa.
Meanwhile, Ahmed El-Wakil, head of FEDCOC, said that Saudi Arabia is the largest Arab investor in Egypt, with investments amounting to $2.5bn, and the volume of trade "exceeding the $5bn mark."
El-Wakil stated that the Ministry of Investment will organise a conference for the Gulf investments on 4 and 5 December.
Shortly after Morsi's ouster, Saudi Arabia pledged $5bn in aid to Egypt in the form of cash grants, deposits and petroleum products.


Clic here to read the story from its source.