The Saudi Company for Developing Construction (SCDC) has signed a contract with the Egyptian government to establish a tourist residential project in 6th of October City, according to Ahmed Darwish, Secretary-General of the Saudi-Egyptian Businessmen Association (SEBA).
The project is set to bring in investments of up to EGP3bn to the city, he said.
In a statement Monday, Darwish added: “This contract ends the dispute between the company and the New Urban Communities Authority over a piece of land which will be used in the project, after company paid an amount of EGP192m to come to a settlement with the Egyptian government.”
In another statement, SEBA commended the guidance provided by President Abdel Fattah Al-Sisi to the Egyptian government, and by Prime Minister Ibrahim Mehleb. The praise came after their “speedy actions towards solving the issues of Saudi investors in Egypt and completing the work that had been started by the committee in the Ministry of Defence, which was formed in late December 2013″.
Sultan Duweish, member of SEBA’s board of directors and Managing Director of Rakha for Agricultural Investment and Development, said the problem with the Nubaseed Company is being solved. He added that coordination is currently underway with the Cabinet to end the issue with the company’s land in the Nubaria area.
Sheikh Mohammed Abdullah Al-Rajhi, chairman of the board of directors of SEBA, also praised the efforts of the committee formed by Al-Sisi at the end of December 2013. It was represented by members of the Ministry of Defence amongst others.
Al-Rajhi described the committee as having equally taking into account the Egyptian government’s rights as well as the interests of Saudi companies and investors.
He added: “The latest breakthrough is great and is expected to increase the support of Saudi investments in the future…within the framework of the law, rules, and procedures of the concerned government agencies.”