Joint arbitration center to drive Saudi-Egypt trade

Joint arbitration center to drive Saudi-Egypt trade
Updated 28 June 2013

Joint arbitration center to drive Saudi-Egypt trade

Joint arbitration center to drive Saudi-Egypt trade

The Saudi-Egyptian Business Council aims to set up a joint arbitration center before January to expedite the resolution of business disputes, said a top official.
The move is expected to increase Saudi investments in Egypt.
“We would like to increase our investments in Suez Canal for establishing storage, packaging and re-export facilities,” said Abdullah bin Mahfouz, chairman of the council.
Saudi investments in Egypt’s industrial and tourism projects are estimated at $ 8 billion while real estate investments of Saudi individuals and families amounted to $ 5 billion.
Saudi Ambassador to Cairo Ahmed Kattan said businessmen in both countries are keen to increase their investments.
Kattan said the Egyptian government was committed to tackling various issues faced by Saudi investors.
“The Cairo government has already solved some problems and we expect the remaining problems solved shortly,” the ambassador said.
Bin Mahfouz commended the efforts being made by the Egyptian Investment Ministry to facilitate investments of Saudi nationals and solving their outstanding problems. “The single window system introduced by the ministry will save a lot of time for Saudi investors.”


Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
Updated 54 min 40 sec ago

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
  • The bank expects economic growth of 6.6% in 2021
  • Biden outlined a $1.9 trillion stimulus package proposal on Thursday

Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden’s fiscal stimulus plan will hasten the economy’s recovery from the COVID-19 pandemic.
The bank expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published on Saturday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.
Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
“Larger boosts to disposable income and government spending imply stronger growth later in the year,” the bank’s analysts wrote.