Saudi Arabia rejects the first list of the '30 billion Riyals projects'

Informed sources said that the Saudi delegation in the Egyptian-Saudi Coordination Council has rejected a large number of the projects proposed by Egyptian ministries in order to attract the 30 billion Riyals which Saudi Arabia announced would be invested in Cairo.

The sources added that Egypt submitted the proposed projects, which were nominated to the Saudi side in the Council since its establishment months ago and that these projects involved sectors such as real estate, tourism, energy and petroleum. However, they were met with rejection. The sources went on to say that the process of proposing projects and studying them are purely commercial and aimed at generating profits and not in the form of grants or aid. Therefore, the Saudi side takes its time in considering them. The sources, which asked not to be revealed, went on to say that “there are supposed to be other lists that are being prepared at the moment so as to replace the rejected list. Enquiries are also being made regarding outstanding Saudi response to other proposed projects.” They also stressed that if Cairo were to propose another phase of nominated projects from some ministries, there would be an initial agreement once a Saudi interest in these projects is shown.

The sources explained that the Saudi side conducted detailed studies into the projects proposed by the government and requested proposed mechanisms for their implementation. However, none of these have yet been approved. The sources disclosed that the Egyptian side requested government’s participation in these projects by means of utilising unused government assets, such as contributing lands, provided their ownership remains in the hands of the government. However, the Saudi side rejected this even with regard to projects they had expressed an interest in investing in.

The sources added that there was one project proposed by a certain Saudi authority in order to utilise the land owned by the National Party, adjacent to the Egyptian museum in Tahrir Square, but the ministry of archaeology blocked the project.

They went on to say that the ministry of international cooperation previously submitted a number of investment projects to the Saudi side during the Economic Summit last March, including developing the land of the National Party and the establishment of tourism zones at Sharm Al-Sheikh, Nuwaibi, Dahab and St Catrine.

Source: Almasryalyoum