New Saudi mega-bank to finance Egypt projects

Bank will have capital of $170m to finance projects in Egypt

Demonstrators in Tahrir Square, Cairo.
Demonstrators in Tahrir Square, Cairo.

Saudi businessmen will establish a development bank in Egypt with a capital of $170million to finance investment projects in the country.

This was announced by Saleh Kamel, a prominent businessman and chairman of the Council of Saudi Chambers of Commerce and Industry, reported Arab News.

Kamel, who is also chairman of the Jeddah Chamber of Commerce and Industry, said details about the bank would be announced within two months, adding that it would make long-term investments in Egypt, creating new job opportunities for Egyptians.

The announcement was made during a meeting of the Saudi-Egyptian Business Council in Jeddah, which was attended by Saeed Al-Anani, a senior official at the Egyptian Consulate in Jeddah in charge of trade.

Kamel said the losses suffered by Saudi investors following recent political events in the Arab country were operational losses, adding that their assets were unaffected.

Saudi investments in Egypt are estimated at more than $5.1billion, with 70% funds in real estate and tourism projects, 20% in industry and 10% in other business sectors.

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