Saudi Arabia a major player in Egypt, says investment head
Saudi Arabia remains one the most important players in the Egyptian economy, with investments totaling to SR 4,477 million ($1.19 billion) from 1974 through July 2000, said Dr. Mohammad Al-Ghamrawi, the president of Egypt’s Investment Commission to the Saudi Gazettemagazine.
Saudi business currently hold a 55 percent share in seven major Egyptian industrial projects, where total capital outlay worth SR 21 million was made; a 33 percent share in 50 food processing companies, a total capital outlay worth SR 23 million; and a 24 percent share in 31 building materials companies with a total capital outlay worth SR 1.22 billion.
According to Ghamrawi, Saudi Arabian investment has been particularly effective in the tourism sector. There, Saudi interests hold 44 percent of 75 tourism-related firms, in which there was a total capital outlay valued at SR 3.05 billion.
Additionally, Saudi Arabian investors hold a 17 percent share in 26 companies, located in the Egyptian free zones, which together represent a combined capital outlay of SR 2.27 billion. – (Albawaba-MEBG)