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Monday, 8 August 2016

Saudi-Egyptian investment fund stalls

Projects signed under the SAR 60 bn Saudi-Egyptian investment fund are reportedly stalling due to land not being allocated for them and bickering between government bodies vying for turf (no pun intended), Al Mal reports. Although four months have passed since the agreement was first signed between Investment Minister Dalia Khorshid and Deputy Crown Prince Mohammed Bin Salman, the majority of agreed projects have yet to be implemented. An anonymous source said that land being offered to the Saudis for several of these megaprojects are at exaggerated prices, including those allocated for building world-class resorts near Sharm El Sheikh as well as Ras El Hekma.

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