CAIRO: More than 20 companies operating in the agriculture investment field will participate in reclaiming 4 million acres in the western desert in Egypt in cooperation with companies from the UAE, Saudi Okaz daily newspaper reported Friday.
Total Emirati investment in Egypt has reached $5.2 billion early June distributed over 659 companies, according to statistics distributed by the Egyptian Investment Authority, the head of the Egyptian Center for Economic Studies Abdel Moneim al-Sayed told CNBC channel Monday.
Since the ouster of Mohamed Morsi, aid from a number of Gulf countries has amounted to $12 billion.
Saudi King Abdullah bin Abdulaziz Al Saud called for a donor conference to help boost the Egyptian economy in a congratulatory cable to President Abdel Fatah al-Sisi.
The advisor of Egypt’s Minister of Agriculture Abdel Ghany al-Emir told Okaz Friday five ministries are setting their final outlines for the reclaiming project including the ministries of agricultural, irrigation, electricity and environment.
Al-Emir added, “The Ministry of agriculture received requests from Saudi and Emirati companies to participate in developing and reclaiming agricultural lands in the western desert,” after the government stated they are planning to present a project to huge companies for agricultural investment in order to call on investors for investment.
Saudi Arabia had provided Egypt with financial aid and with oil following the ousting of former Islamist President Mohamed Morsi‘s regime on July 3, 2013 by the Army after mass protests called for the end of this regime on June 30, 2013.
President Sisi is expected to visit Saudi Arabia for one day to meet with Saudi King Abdullah Bin Abdel-Aziz and Crown Prince Salman Bin Abdel-Aziz Sunday, Egyptian Ambassador to Saudi Arabia Afifi Abdul Wahab said in a statement Thursday evening.
“The visit will represent an opportunity for consultation and the exchange of views over the current issues,” Abdul Wahab said.
An official source at the agriculture ministry told al-Okaz that the regions that will be provided to the Arab investors will include al-Farafra, al-Qatara, al-Owynat and Siwa due to being rich with groundwater.
According to AlArabiya.net, Saudi Arabia ranked the first in Gulf countries in the industry sector representing 50 percent of the total industry investments in the Gulf countries according to a report issued by the Saudi institute for industry cities and technology zones.