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27 Saudi chambers of commerce, 170 investors to attend Economic Summit: FEDCOC - Daily News Egypt

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27 Saudi chambers of commerce, 170 investors to attend Economic Summit: FEDCOC

Saudi Crown Prince Muqrin bin Abdullah and Saudi finance minister will attend the summit


Saudi Crown Prince Muqrin bin Abdullah will attend the summit (AFP Photo)
Saudi Crown Prince Muqrin bin Abdullah will attend the summit
(AFP Photo)

By Rana Yehia

A high-level delegation of 170 Saudi businessmen and investors will be participating in the Economic Summit in Sharm El-Sheikh from 13 to 15 March, head of the Federation of the Egyptian Chambers of Commerce (FEDCOC) said in a statement.

In order to assure the effectiveness of the Saudi participation, FEDCOC President Ahmed El-Wakil has been coordinating for several months with the Saudi Chamber of Commerce, headed by AbdulRahman Al-Zamil and the Saudi-Egyptian Business Council, chaired by Saudi business tycoon Sheikh Saleh Kamel.

The delegation will be headed by Saudi crown prince Muqrin bin Abdullah bin Abdel Aziz Al-Saud, Saudi Minister of Finance Ibrahim Al-Assaf, the heads of 27 Saudi chambers of commerce and members of the Saudi-Egyptian Business Council, according to the statement.

Contrary to the announced figure, the Saudi-Egyptian Businessmen Association (SEBA) has announced in January that approximately 1,000 Saudi investors will attend the summit, said Director-General of the association Ahmed Darwish.

Saudi Arabia, currently investing more than $5.7bn in Egypt, is the largest investing Arab country in Egypt, with 27% of total Arab investments.

The kingdom is followed by the United Arab Emirates (UAE) with more than $4.5bn in investments, then Kuwait with more than $2.7bn in investments, said Director-General of FEDCOC Alaa Ezz.

The three countries form 63% of total Arab investments, Ezz added.

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