Saudi development bank to be established in Egypt

February 18, 2011

A Saudi developmental bank with a capital of one billion Egyptian pounds will be established in Egypt at the initiative of businessmen to help alleviate the country’s current economic woes. This was announced on Wednesday by Sheikh Saleh bin Abdullah Kamel, the President of the Saudi Commerce and Industry Chamber, during a meeting of the Saudi-Egyptian Business Council in Jeddah. The bank, which will be formally announced within the next two months, will be oriented towards long-term investments, Kamel added.