Chairman of Saudi Masa Alameriah Group Bandar Alameri said his company plans to invest EGP 15 bn in New Alamein, Invest-Gate reports.

Alameri, who is also the president of the Egyptian-Saudi Business Council, further stated that he terminated his investments in other countries in favor of bringing his business to Egypt, where he sees a promising investment climate, according to an official statement on December 9.

This came during a meeting between a delegation of the Egyptian-Saudi Business Council and Prime Minister Mostafa Madbouly, among other ministers and officials, including Minister of Trade and Industry Amr Nassar.

In addition, Minister of Planning Hala El Saeed discussed investment prospects offered by Egypt’s new sovereign wealth fund, called “Tharaa,” with representatives from the Egyptian-Saudi Business Council.

The fund, which officially launched last month, endeavors to team up with other regional countries. It has already created a USD 20 bn (EGP 322.6 bn) joint strategic investment platform with the UAE and is in talks with the Oman Investment Fund over a similar venture.