Saudi investors to inject 1B EGP in Egypt's healthcare

A group of Saudi investors is preparing to inject new investments worth more than 1 billion EGP in Egypt’s health sector during the coming 18 months, head of the Saudi Egyptian Business Council (SEBC) Abdel Hamid Abu Moussa told Al-Ahram Tuesday.

The Saudi investors have already injected 200 million EGP in the 1st phase of the project which is aimed at providing 2,500 hospital beds, including 500 beds for use in Intensive Care Units (ICUs), Al-Ahram reported.

According to the newspaper, the Saudi investors reiterated that these investments will be spread in several governorates, namely Cairo, Giza, in addition to Delta and Upper Egypt governorates.

“Saudi Arabia is ranked first among Arab investments in Egypt, and there is a tendency to increase and bolster such investments in the coming period,” said Abu Moussa.

Abu Moussa added that investors are in need of a “clear economic vision,” as well as state commitment to respect its contracts in light of some disputes with Saudi investors due to privatization contracts. “A clear vision will of course lure new investment in the coming days.”