Abdullah bin Mahfouz, president of the Saudi Egyptian Business Council, said a number of Saudi investors in Egypt will be forced to withdraw their investments from Egypt, if solutions to their troubles are not found.

"On the 25th of the current month we shall go to the Investment Forum in Egypt with a clear message. Through our message we will emphasize the need to come up with suitable solutions to our investments at the end of this year. If solutions are not found, we will not make new investments and withdraw the current ones," he said.

He pointed out that Saudi investments in Egypt belong to two businessmen — Abdul Rahman Sharbatli and Omar Afandi.

Bin Mahfouz, who was in Egypt, met with the Saudi ambassador Ahmad Qatan. "I presented a photocopy of the council’s report and told him about obstacles facing Saudi investments in Egypt.

The ambassador said issues related to some Saudi investments have been solved.

A press statement said that "Nobaseed," which belongs to Abdul Ilah Khaki, solved its problems and will be given to its owner this week or next week at the latest. The owner should go to Egypt to finish the necessary procedures.

"The Saudi ambassador was told about other troubled companies. He entrusted the trade consul to follow up the cases and enable the embassy to draw a schedule to solve this issue," added Bin Mahfouz.

He pointed out there are large Saudi investments in Egypt that back the Omar Afandi project. They demanded its release as it is one of the biggest and most important Saudi projects in Egypt. They also demanded the release of two other projects for Abdul Rahman Sharbatli.

The president of the Saudi Egyptian Council estimated the volume of investments in question at SR 2 billion. Bin Mahfouz said troubles facing Saudi investments are the faults of the middle administration of the republic. The presidency and prime ministry have nothing to do with it.

"Those directors think they can harm Saudi investments by these practices, but they are mistaken because they only harm their country and its economy, since more than 25,000 Egyptians are employed in these projects," he added.

Saif Allah Sharbatli, member of the Saudi Egyptian Business Council, said stopping work at the Egyptian financial market for 10 days, five days before June 30 and five days after that, should be applied to bring stability to the financial markets and limit its losses.