a gathering of businessmen at the Jeddah Chamber of Commerce and
Industry yesterday, Egyptian Prime Minister Atef Obaid said his
country was determined to remove every hurdle in the way of increasing
Saudi investments in the country and boosting mutual trade. He said
moves were under way to set up a free trade zone.
In a press
briefing following the meeting at the JCCI, Obaid said he held
detailed discussions with Saudi officials and businessmen about the
establishment of a free trade zone. The discussions also included
increased investments in both service sectors and the IT industry.
that Saudi investment accounted for 30 percent of all Arab investments
in Egypt. Saudis are welcome to invest in such sectors as natural gas,
oil refining and tourism as well as construction which requires about
$100 billion investment in near future.
The prime minister assured the businessmen that the fluctuations in
the value of Egyptian pound would not affect foreign investors as the
country’s foreign exchange reserve was very strong. Obaid left for
Kuwait yesterday on the second leg of a Gulf tour.