Sources: Govt meeting with Saudi investors to settle investment issues

The Egyptian government is holding secret meetings with Saudi investors whose businesses were nationalized after the 25 January revolution, sources said Sunday.

The aim of the meetings, led by Prime Minister Kamal al-Ganzouri, is to solve their problems, the sources said. cited the Saudi Al-Eqtisadiah newspaper as saying that the first such meeting was held between Ganzouri and a chief Saudi investor, and lasted four hours. It did not provide details of the meeting.

Another two meetings will be held this week with two other investors, the sources said.

The sources said the results of these meetings and the settlements reached in them will likely be announced formally in July.

In March, Al-Eqtisadiah reported that the People’s Assembly planned to form a committee to investigate stalled Saudi investment projects in Egypt.

A number of Saudi-owned businesses were nationalized following the January 2011 uprising against ex-President Hosni Mubarak.

In September, an Egyptian court ordered the return of Tanta Flax and Oils Company to state control after it was proven that it had been sold to a Saudi investor at a below-market price. In May, a court returned Omar Effendi, a chain of retail stores also purchased by a Saudi investor, after a court ruling affirmed corruption in the sale.

Edited translation from Al-Masry Al-Youm

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