Saudi investment company dispute resolved

Saudi investment company dispute resolved

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The Saudi-Egyptian Businessmen Association (SEBA) said that a committee of the Defense Ministry and the Administrative Control Authority has resolved a dispute with the Saudi Giza Tourism Development (SGTD) Company.
 
SGTD Chairman Ahmed Sabry Darwish said the dispute was among 25 other disputes. “But this will prompt us now to increase our investments and build a 300-room hotel at a cost of LE450 million,” he said, explaining that the dispute was over a plot that the company was allocated in Sinai before the Sinai development law was issued.
 
“The Administrative Control Authority will resolve the disputes of Gulf and foreign investors as well,” he said.
 
He pointed out that Saudi Arabia is the largest Arab investor in Egypt, with 3,500 companies and a paid capital of $5 billion. 
 
SEBA Chairman Mohamed Abdallah al-Raghy said he has informed the Administrative Control Authority of many outstanding problems with Saudi companies, including memoranda of understanding that the government did not abide by.
 
 
Edited translation from Al-Masry Al-Youm
 

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