Agreement on establishing Egyptian-Saudi transport company, two investment offices

Egyptian and Saudi businessmen agreed on Tuesday to set up an Egyptian investment office in Saudi Arabia and a Saudi investment office in Egypt.

The aim of establishing the offices is to post investors on chances of investment available in the two countries and provide information on the investment atmosphere for businessmen.

The businessmen also agreed to establish a major Egyptian- Saudi company for transport of goods between the two countries.

The agreement came during a meeting on Tuesday of the Egyptian Businessmen Association on Saudi exports to Egypt and chances of investment in the two countries.

Gamal El-Nazer, Head of the Association, said most of the problems hindering a beefed up trade volume exchange between the two sides had been eliminated.

Abdul Mohsen Al-Hakier, Head of the Saudi delegation to the meeting, said the Egyptian-Saudi Higher Committee would focus its efforts on eliminating obstacles blocking increase of Egyptian investments in Saudi Arabia and Saudi investments in Egypt.