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Monday, 5 February 2018

SAR 60 bn investment fund is still on

Remember that SAR 60 bn investment fund announced during King Salman’s visit in 2016? It’s apparently still in the works and came up during the Egyptian-Saudi Business Council talks last week. Both sides of the council agreed that investments under the fund will primarily come from the Saudi government, deputy council head Abdullah Bin Mahfouz said, according to Al Mal. Mahfouz blamed the general malaise in the GCC economy resulting from weak oil prices for the delay in executing investment pledges made during King Salman’s visit.

As for what Saudi investors are looking for in Egypt, Mahfouz said that most investors are eyeing projects in neighborhood of EGP 50-100 mn, with the pharma, healthcare and education sector being particularly attractive.

Also coming from the Egyptian-Saudi Business Council talks: Saudi is apparently trying to piggyback off of Egypt’s plans to help with the reconstruction of Libya and Iraq. The council is looking to form partnerships between Egyptian and Saudi investors to take part in reconstruction projects in Libya and Iraq, Mahfouz tells Al Borsa. Saudi companies are looking to get their toes wet in Libya through such partnerships, he said, adding that they will participate in an international investment conference for projects in Benghazi in March.

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