Egyptian-Saudi Businessmen Association to launchSource: www.export-egypt.com 12/28/2013, Location: Middle East |
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Ministers of Investment, Industry and Foreign Trade, Housing and International Cooperation will attend the Sunday launching ceremony of the Egyptian-Saudi Businessmen Association, along with Saudi Arabia’s ambassador to Egypt Ahmed Al-Qattan, according to a statement from the association. The association aims to provide investment opportunities for Saudi investors in Egypt and to resolve the obstacles facing foreign investment, Secretary General of the association Ahmed Darwish said in the statement.
Gulf countries have pledged a total of $12bn in an economic aid package to Egypt following the oust of former President Mohamed Morsi on 3 July, including $5bn from Saudi Arabia, $3bn from the UAE and $4bn from Kuwait, in the form of cash grants, deposits and petroleum products. Foreign reserves have increased after the influx of aid and reached $18.9bn in August. The government announced earlier in August that aid from Gulf countries will help reduce the 14% budget deficit. |
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