Vice President of the Saudi Business Council – Abdullah bin Mahfouz revealed the conclusion of alliances between 20 Saudi and Egyptian companies to begin the rehabilitation and reconstruction of Iraq.
“The alliances between these companies will result in the rehabilitation and provision of jobs for 30,000 Iraqi citizens in the construction projects,” the newspaper Okaz said.
“Saudi-Egyptian companies will increase their strength when they are united. Saudi Arabia has capital and expertise in infrastructure. Egyptian companies have skilled hands. They can provide between 15-30 thousand Egyptian workers to work in Iraq. The partnership between the two countries is better than The entry of foreign companies to rebuild Iraq. ”
He expected the Saudi-Egyptian companies to start their business within three months, with meetings between the two parties currently underway.
He pointed out that the most prominent Saudi companies qualified in the field of contracting to enter into this alliance are “Bin Laden, Nesma, Al-Muhaidib, Al-Fawzan and Al-Saif.” He pointed out that the partnership of these companies with their Egyptian counterpart will result in huge projects.
He described the new Egyptian investment law as “distinctive” and important in the Arab region, as it will help to address all previous investment systems, and that it will not need to change for several years.
He explained that Saudi Arabia is seeking to expand trade and investment exchange with Egypt due to the economic weight of the two countries.
He added that “Egypt has succeeded in supporting tourism opportunities, and implemented several successful tourism projects, and Saudi Arabia has recorded successes in the field of infrastructure and housing”
Bin Mahfouz pointed out that the current time is the best investment in Egypt. There are 4,776 Saudi companies operating in Egypt with investments worth 27 billion dollars. It is useful that Egypt implements an economic reform program in agreement with the International Monetary Fund. , And received the first tranche of the loan by $ 2.75 billion of the total 12 billion.
Source: Iraq’s Economic Center