The Saudi-Egyptian Business Council said yesterday that the Egyptian labour force will benefit from about 320,000 new job opportunities over the next five years after the two countries signed a series of economic agreements and memoranda of understanding, and declared the establishment of a free economic zone in Sinai.
The Vice President of the Saudi-Egyptian Business Council Abdullah bin Mahfouz said that the Saudi private sector has pledged to provide 70,000 new jobs for the Egyptian work force over the next five years. He added that the establishment of a free economic zone in Sinai will provide about 250,000 new job opportunities to the Egyptian work force. In a statement to Asharq Al-Awsat, Bin Mahfouz said that this proposed figure is likely to rise with the increase in the size of investments in Sinai.
The Saudi-Egyptian Business Council also mentioned the large role that the King Salman Bridge will play in stimulating trade, industry and investment between the two countries, and what the Saudi projects “Waad Al-Shimal” and “Tadeen” expect to achieve from growth in Sinai. Fahad Al-Hammadi, a member of the Saudi – Egyptian Business Council, told Asharq Al-Awsat that the projects “Waad Al-Shimal” and “Tadeen” represent the spirit of strategic projects that will attract investment to Sinai. He explained that the expected size of investments in factories and infrastructure in the “Waad Al-Shimal” city project is estimated to be 36 billion riyals ($ 9.6 billion).