Business council to discuss investments in Egypt, Saudi Arabia and Africa

rown Prince Mohammed bin Salman and his delegation get a warm welcome on their arrival in Cairo on Nov. 26, 2018. (SPA)
Updated 28 November 2018
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Business council to discuss investments in Egypt, Saudi Arabia and Africa

  • The number of Saudi projects in Egypt has reached more than 2,900
  • Egyptian projects in Saudi Arabia have grown to 1,300, with investments exceeding $2.5 billion

CAIRO: On Tuesday, an important economic meeting headed by the Egyptian-Saudi Business Council will be held in Egypt to coincide with the visit of Saudi Crown Prince Mohammed bin Salman. 

Ahmed Al-Wakil, chairman of the Federation of Egyptian Chambers of Commerce, said in a statement that the meeting will discuss the development of economic relations at a bilateral level, as well as the launching of tripartite cooperation for joint projects in Africa.

Dr. Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce, told Arab News that Saudi Arabia ranks first in terms of Arab investments in Egypt. Trade exchange has increased and exceeds $6.2 billion. 

The number of Saudi projects in Egypt has reached more than 2,900. They are worth more than $27 billion, with Saudi contributions exceeding $5.7 billion. 

Ezz added that Egyptian projects in Saudi Arabia have grown to 1,300, with investments exceeding $2.5 billion, of which 1,000 are 100 percent Egyptian capital projects exceeding $1.1 billion.

Dr. Adel Amer, vice president of the Egyptian Center for Political, Legal and Economic Studies, said that Saudi-Egyptian relations cannot be shaken. “Egypt would never delay in helping Saudi Arabia, and vice versa.”

Saudi tourism accounts for more than 20 percent of Arab tourism, and the number of Egyptians working in the Kingdom is 1.8 million, not including family members.

Dr. Sami Al-Obaidi, chairman of the Council of Saudi Chambers, said in a statement that the frequent visits between the Kingdom and Egypt are “a sign of the deep relations between the two brotherly countries led by the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al-Saud, and his Crown Prince Mohammed bin Salman, and the President of Egypt, Abdel Fattah El-Sisi.”


US energy secretary meets Saudi counterpart after OPEC cuts

Updated 10 December 2018
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US energy secretary meets Saudi counterpart after OPEC cuts

RIYADH: Saudi Arabia’s energy minister held talks Monday with US Energy Secretary Rick Perry, after the Kingdom and its allies defied US pressure to cut oil production in a bid to prop up prices.
They discussed the “state of the oil market” and energy cooperation between the two countries during a meeting in eastern Dhahran city, the minister, Khalid Al-Falih, said on Twitter.
Perry tweeted that he discussed the need for “open, free, and fair markets with the Saudis.”
OPEC members and 10 other oil producing nations, including Russia, on Friday agreed to cut output by 1.2 million barrels a day from January in a bid to reverse recent falls in prices.
The decision came even as US President Donald Trump demanded that the cartel boost output in order to push prices down.
But Al-Falih shrugged off the pressure last week, saying “we don’t need permission from anyone to cut” production.
The US “is not in a position to tell us what to do,” he told reporters ahead of Friday’s OPEC meeting in Vienna.
Last week, for the first time in decades, the United States — which is not a member of OPEC — was a net exporter of crude oil and petroleum products.
It was the latest sign of how the shale boom has lifted the US standing on global petroleum markets, prompting talk of “energy dominance” by Trump.
Perry’s visit to Dhahran came as Crown Prince Mohammed bin Salman unveiled state oil giant Aramco’s plan for a new energy megaproject in the area known as the King Salman Energy Park (SPARK).
The energy park is expected to attract an initial investment of $1.6 billion, Aramco said.