Egyptian-Saudi alliance for reconstruction of Libya, Iraq: Bin Mahfouz

Mostafa Fahmy
2 Min Read

Chairperson of the Saudi-Egyptian Business Council, Abdullah bin Mahfouz, told Daily News Egypt that the business plan of the council in 2019 has three main objectives: increasing mutual trade exchange, especially in the agricultural and mining sectors, participating in reconstruction projects in Libya and Iraq, and increasing Egyptian investments in Saudi Arabia.

He estimated the volume of non-oil trade exchange between the two countries from January to October 2018 at $3.1bn, up by 30% from the same period last year. Egyptian exports’ value amounted to $1.6bn, while its imports were at $1.7bn of goods from Saudi Arabia.

Bin Mahfouz hinted to consultations between a number of private contracting companies in Egypt, the UAE, and Saudi Arabia, spanning the past six months, to discuss ways of cooperation in the reconstruction projects in Libya and Iraq, expecting they can achieve huge returns for the two countries.

He declared that the council seeks to benefit from the successful Egyptian companies, and open branches for them in the kingdom, as well as implement projects aimed at exporting to Africa and Europe.

On the other hand, Bin Mahfouz urged the Egyptian government to expedite resolving the disputes of Saudi businesspersons Abdul Rahman Sharbatly and Abdullah Kaki, signaling the example of resolving the dispute of the Omar Effendi Company and businessperson Gamil Al-Kanbit.

He estimated the number of Saudi companies operating in Egypt at 4,996, of which only 97 companies have investment disputes with the government.

“We hope the disputes can be resolved quickly. We can wait more to solve the problem of the other 95 companies until the procedures for the first two are completed.”

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