ICD, Saudi firms sign investment deal

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, and the chairman of the Saudi-Egyptian Business Council signed a memorandum of understanding (MoU) in Jeddah on Sunday, on the cooperation between ICD and the Saudi companies willing to invest in Egypt.
This MoU will serve as a framework for the future cooperation on the support of the Saudi companies in Egypt and agricultural projects in Egypt.
The Saudi-Egyptian Business Council was represented by its Chairman Abdullah Bin Mahfouz. He said: “The Saudi-Egyptian Business Council and ICD share a mission of supporting the Saudi private sector investments in Egypt, in the different cycles of the projects via the investment, the financing, the advisory services, the trade finance and the export insurance.”
ICD’s Acting CEO Abdelaziz Mustafa said: “ICD looks forward to cooperating with the Saudi companies, investing in Egypt, and will put its experience and expertise gained in order to provide the Saudi companies with Islamic finance solutions that will yield benefit to the cross border investments among its member countries.”
The Saudi-Egyptian Business Council operates under the umbrella of the Saudi Ministry of Trade and Industry and the Egyptian Ministry of Industry and Investment. The council has as members a number of business leaders and investors in both countries (Saudi Arabia and Egypt).
Both parties work together to promote economic relations between the two countries through the development of the trade volume and the investments between the two countries.
The Saudi side of the Saudi-Egyptian Business Council is headquartered at the Council of Saudi Chambers in Riyadh, which is responsible for the management and follow-up of all Saudi investments in Egypt amounting to $27 billion, and consists of 89 members of the elite Saudi businessmen who have investments in Egypt.