The Saudi-Egyptian Business Council is mulling the establishment of eight real estate development projects in the North Coast and the Red Sea resort towns of Sharm El-Sheikh and Hurghada as President Abdel Fattah El Sisi is on an official visit to the Kingdom, Invest-Gate reports.
Last year, Egypt and Saudi Arabia clinched investment deals estimated at USD 25 bn. President El Sisi starts an official visit to Saudi Arabia today, during which a discussion of political and economic issues will take place. The visit also aims at putting into effect recent business deals, and agreements signed last year between Egypt and Saudi Arabia.
Abdullah Bin Mahfouz, deputy head of the Saudi-Egyptian Business Council, says the Saudi Vision 2030 seeks to establish the project of Al-Malek Salman Bridge within three years.
The bridge, which is 30 km long and 36 metres wide, will connect Egypt and Saudi Arabia.
Bin Mahfouz adds that the visit will also help boost the activities of recently-established Gosour Company. The company, launched by Saudi investor Sheikh Saleh Kamel, gathers 32 Egyptian investors with the aim of working on more development projects in the Suez Canal.
Mahfouz also says that Saudi Arabia’s 2020 plan on financial balance will not affect the Kingdom’s investment in Egypt, nor will it affect Saudi Arabia’s Vision 2030.