FINANCIAL NEWS

Saudi, Egypt establish bank to protect Saudi ventures in Egypt

15 Aug 2011

(MENAFN) The Saudi- Egyptian Business Council stated following its meeting in Jeddah, which was co-presided by both the Saudi and Egyptian Commerce and Industry Ministers, the formation of a bank in Egypt to protect Saudi investments exceeding USD8 million, reported Arab News.

The council stated the possibility of establishing Saudi- Egyptian joint investments, in addition to increasing the trade and industry collaboration between the two countries building on the existing cooperation.

The meeting also discussed the prospect of establishing service offices that would facilitate Saudi and Egyptian business operations.

It is worth mentioning that this was the first meeting since the Egyptian revolution, additionally the chairman of the council, Abdulla Dahlan, stressed that Egyptian workers in Saudi will not be deported and will continue to work in the Kingdom.

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