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.”