CAIRO: A group of Saudi investors is preparing to inject new investments worth more than 1 billion EGP in Egypt’s health sector during the coming 18 months, head of the Saudi Egyptian Business Council (SEBC) Abdel Hamid Abu Moussa told Al-Ahram Tuesday.
The Saudi investors have already injected 200 million EGP in the 1st phase of the project which is aimed at providing 2,500 hospital beds, including 500 beds for use in Intensive Care Units (ICUs), Al-Ahram reported.
According to the newspaper, the Saudi investors reiterated that these investments will be spread in several governorates, namely Cairo, Giza, in addition to Delta and Upper Egypt governorates.
“Saudi Arabia is ranked first among Arab investments in Egypt, and there is a tendency to increase and bolster such investments in the coming period,” said Abu Moussa.
Abu Moussa added that investors are in need of a “clear economic vision,” as well as state commitment to respect its contracts in light of some disputes with Saudi investors due to privatization contracts. “A clear vision will of course lure new investment in the coming days.”
Saudi King Abdullah bin Abdulaziz Al Saud called for a donor conference in early June to help boost the Egyptian economy in a congratulatory cable sent to newly-elected President Abdel Fatah al-Sisi.
On June 5, Cairo prepared a list of projects to be sent to Gulf countries such as UAE, Saudi Arabia, and Kuwait to provide funding worth $7.66 billion, Al-Mal reported.
Since the ousting of former President Mohamed Morsi, aid from the Gulf countries amounted to $12 billion, but Sisi said in earlier statements during the election campaigning in May that the Gulf aids to Egypt reached $20 billion.
The Saudi Egyptian Businessmen Association (SEBA) plans to construct the first environmentally-friendly touristic hotel, with investments of 700 million EGP, Mubasher website reported on Thursday.
Further, the Saudi-Egyptian Construction Company (SECON) announced on June 26 requested to increase its capital by $243 million to fund the building of housing units for low and mid-income people.
Beyti, the International Co. for Agricultural Industries, a subsidiary of Saudi Arabia-based Almarai, declared last June that it will implement a 4 billion EGP ($559 million) investment plan in Egypt within five years, Minister of Trade and Industry Mounir Fakhry Abdel Nour announced in a press conference.
The new investment is aimed to expand Beyti’s existing factory, in addition to establishing a new juice factory and two dairy production farms, said the minister.
“The new projects will promote dairy production which could bolster Egyptian food security,” he said, adding that the projects are expected to provide around 30,000 job opportunities in the coming years.