Speaking recently to the Cairo-based, Egyptian state-run Middle East News Agency (MENA), Kamel said procedures to open the bank would start “soon”.

The primary aim of the new bank is to invest directly in development projects in the country.

In a related development, a recent emergency meeting of the CSCCI chaired by Kamel and attended by Abdullah Dahlan, head of the Saudi side of the Saudi-Egyptian Business Council, an Egyptian commercial attache, and a number of Saudi investors discussed efforts to protect and ensure the safety of Saudi investments in Egypt and cases of Saudi businessmen whose investments have been affected by the ongoing crisis in Egypt.

“There is no impact of the Egyptian crisis on the assets of Saudi investors,” a CSCCI statement said.

The only affected sectors are tourism and hotels, as well as some commercial, industrial and service sectors due to the general recession that has led to a slow-down in production,” a statement on the CSCCI website said.

As a further aim to identify any claims for damages that Saudi investors may have on their investments in Egypt due to the ongoing unrest and to consider appropriate measures to be taken to compensate affected investors, the CSCCI has filed a detailed report with concerned authorities in Egypt and Saudi Arabia.

Suggested are certain proposals including the creation of an office at the General Authority for Investment in Egypt to take complaints from Saudi investors.

The proposals include protecting Saudi investments, in addition to reassuring Saudi investors of the commitment of the Egyptian government to regulations, investment laws and privileges that have been agreed to.

Abeer Al-Kholi has been appointed to head the complaint office and coordinate with the Saudi side of the Saudi-Egyptian Business Council and receive complaints on her e-mail at [email protected] who in turn will communicate such complaints to Yasser Al-Qatani, executive director of the Saudi-Egyptian Business Council at the CSCCI.

The council also urged banks to continue to finance investment projects in Egypt and to reschedule any debts of Saudi investors in accordance with the financial flow various projects.

It called for the need to include Saudi investors in any compensation approved by the Egyptian government.