Saudi-Egyptian ties get big boost

Saudi investors breathed a sigh of relief when Egyptian President Muhammad Mursi instructed his officials to unfreeze Saudi real estate investment in the country.

The announcement was made during a meeting of the Saudi-Egyptian Business Council in Cairo, which was attended by a high-level Saudi business delegation led by Commerce and Industry Minister Tawfiq Al-Rabiah.

Speaking to Al-Eqtisadiah after the meeting, Abdullah Dahlan, president of the council and board member of the Jeddah Chamber of Commerce and Industry, said the Egyptian government promised to solve the problems facing Saudi investors within two months.

“Owners of Saudi companies in Egypt have expressed their happiness over the flexibility shown by the Egyptian government. It was a big surprise for them,” Dahlan said, adding that the council discussed solutions for the problems facing Saudi investors.