JEDDAH: The new chairman of the Saudi-Egyptian Business Council Abdul Mohsen Al-Hokair has projected the volume of fresh joint investments in the two countries for the next three years at SR16 billion. “The new investment projects will cover areas such as energy, electricity, tourism, industry, agriculture and services,” Al-Hokair said in the wake of his election to the office at the Council of Saudi Chambers and Commerce and Industry (CSCCI) in Riyadh yesterday.
The meeting held under the chairmanship of Fahd Al-Sultan, secretary of CSCCI, also elected two Saudis Osama Al-Kurdi and Fahd Al-Hammad as deputy chairmen of the business council. The meeting will shortly nominate 25 Saudi and Egyptian members to the council. Referring to the leap in the volume of bilateral trade and investments to SR20 billion last year, Al-Hokair said, “The Saudi-Egyptian trade ties are now viewed as not only the cornerstone of Arab trade but a decisive factor in the social stability of the region as well.”