Saudi investors are planning to invest LE100 billion in Egypt over the coming period, in a step to maintain Saudi capital investments in the Egyptian market in the post-Mubarak era.
The head of the Saudi Council of Commercial and Industrial Chambers, Saleh Kamel, said several Saudi businessmen have decided to establish a developmental investment bank in Egypt to help make direct investments worth LE100 billion .
At a meeting with the Egyptian Businessmen Association on Monday, Kamel said the process to set up the new bank will begin "as soon as possible,” and called on businessmen from all Arab countries to contribute to the bank's capital.
The Saudi Embassy in Egypt and Saudi businessmen could not be reached for confirmation of the news.
Kamel said the decision reflects the brotherly relationship between the two nations and represents an attempt to help Egypt out of the current crisis.
This is an effort to "create new jobs to help in addressing unemployment and to give a strong push to the Egyptian economy which has been and is still affected by the recent developments in the country," he added.
Kamel said he has called on Saudi businessmen associations to look at what can be done to assist Egypt.
He added that the assets of Saudi investments have not been affected by the developments in Egypt, however there have been running losses for Saudi investors just like their Egyptian and foreign counterparts.
