New Saudi Development Bank to be established in Egypt
In continuation of the close relation epic between Saudi Arabia and Egypt, a Saudi development bank would be launched soon in Egypt.
H.E Sheikh Saleh Kamel, President of the Islamic Chamber of Commerce & Industry and also chairman of the Council of Saudi Chambers of Commerce and Industry announced that a Saudi development mega bank will be established in Egypt with a capital of 1 billion Egyptian pounds ($ 170 million). The bank would be announced within two months, adding that it would make long-term investments in Egypt creating new job opportunities for Egyptians. Kamel made the important announcement during a meeting of the Saudi-Egyptian Business Council in Jeddah last February.
Kamel, who is also chairman of the Jeddah Chamber of Commerce and Industry, said the losses suffered by Saudi investors following recent political events in the Arab country were operational losses, adding that their assets were unaffected. He commended the role of Egyptian people for their patriotism in protecting the factories, emphasizing on the persisting desire of Saudi investors in continuation of investment in Egypt and their insisting on granting Egypt the different investment privileges. The investments are going ahead in non-conflict steps with the events that have taken place in Egypt recently. Saudi investments in Egypt are estimated at more than 30 billion Egyptian pounds with 70 percent funds in real estate and tourism projects, 20 percent in industries and 10 percent in other business sectors. The total of Saudi companies registered in Egypt is 2355. Saudis spend nearly $ 500 million annually on tourism. According to data issued by Saudi Arabian Monetary Agency, the volume of trade exchange between Saudi Arabia and Egypt in 2009 has amounted to 13.71 billion riyals as Saudi imports from Egypt reached 5.37 billion riyals, while exports amounted to 8.34 billion riyals.
The Islamic Chamber of Commerce and Industry (ICCI) is an affiliated organ to the Organization of the Islamic Conference (OIC) and the only representative of the private sector in the Islamic World. It held 11 meetings since 1994 in 11 Islamic States for the sake of enhancing trade exchange volume, fostering the volume of joint investment projects amongst the States of the OIC, strengthening closer collaboration between public and private sectors in the Islamic countries, developing necessary mechanisms for more cooperation through networking, organizing and establishing projects amongst the OIC States.