Saudi-owned projects worth $1.3bn stalled in Egypt

Saudi-owned projects worth 5 billion riyals ($1.3bn) have stalled in Egypt, with at least 20 projects pending, a senior minister has said.

“While cases of 20 projects remain unresolved, six cases have been resolved by the Egyptian side and four are being resolved by the Saudi side,” Saudi Arabia’s Minister of Commerce and Industry Tawfiq al-Rabiah said in a press statement issued yesterday.

The 20 projects that are stalled are worth a combined 5 billion riyals, the minister said.

Al-Rabiah’s remarks came at the opening of Saudi-Egyptian Joint Committee meeting in Riyadh, which is designed to promote historic ties between the two nations and remove obstacles to investments.

The committee is working on overcoming obstacles that may arise in the trade, investment and economic cooperation between both countries.

Al-Rabiah said the two countries are keen on surmounting all obstacles hindering investment. He expressed his hopes that the Egyptian side will work to develop quick solutions to overcome delays and boost bilateral relations.

“I am looking forward to working together to harness this potential for the development of trade between the two countries in terms of volume and quality, which is still below the level of our ambition as it has not crossed 20 billion riyals,” Arab News reported the minister as saying.