Saudi investments in Egypt have jumped to significant levels, with a number of Saudi investors and businessmen embarking on the establishment of twenty new development projects in Egypt, with a total investment of EGP 60 billion.
\n This was revealed by Dr. Mostafa Madbouly, Egypt's Minister of Housing, Utilities and Urban Communities.
\nHe added that meetings have been held with a large number of GCC investors, and memorandums of understanding will be signed within days to start working on detailed and financial studies for these projects, before signing contracts for these projects during the upcoming economic summit to be held in March of next year.
\nOn the contribution of Saudi investors to these projects, he explained that the Kingdom's investors' contribution may exceed 60 billion pounds, pointing out that the Urban Communities Authority will enter as a major partner with these investors, which will generate a large return for the authority on an ongoing basis that will allow the establishment of many other projects.
\nMadbouly pointed out that the implementation of these projects will take between 5 to 7 years, and that these projects are located in a number of new cities, the most important of which are 6 October, New Cairo, Sheikh Zayed, and El Obour. And Obour. The Ministry of Housing and Utilities in Egypt has begun the actual steps for the economic summit conference called by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz immediately after President Abdel Fattah al-Sisi took office, and the Egyptian government has prepared a file to discuss investment prospects in Egypt and a wide range of development projects to present to the conference, in the fields of transportation, roads, bridges, railways, tunnels, energy and electricity, in addition to projects in petroleum and logistics projects within the framework of developing the Gulf of Suez region.<\/p>","protected":false},"excerpt":{"rendered":"
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