Saudi Co. Signs Contract for Housing Project in 6th of October City

The Saudi Company for Urban Development has signed a supplementary contract to establish a tourist housing project worth LE3 billion in the 6th of October City after the company paid LE192 million to the Egyptian government in a reconciliation deal.

In a statement released on Monday 2172014, the company said that the problems of the Egyptian-Saudi Businessmen Association have been settled and there is coordination with the Egyptian cabinet to end the dispute over “Rakhaa” agricultural lands in Nubariya district of Alexandria.

The association praised the efforts of the Egyptian government to swiftly settle the problems of the Saudi investors and resume the work of the joint committee formed in late December, which includes the defense minister and concerned ministries from both sides.

The association also expected an increase in the influx of Saudi investments to Egypt in view of the new regulations and measures taken in both countries to bolster joint investment.

Source : Egypt State Information Service