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Egyptian expats brainstorm on investment prospects
Published in The Saudi Gazette on 15 - 09 - 2012

Participants of one of the professional meetings at the Egypitan Consulate General in Jeddah recently. — SG photo
Samar Yahya
Saudi Gazette
JEDDAH — Members of the Egyptian Engineers Association in cooperation with community members in western and southern regions of Saudi Arabia organized two meetings in Jeddah recently to discuss mega projects envisaged back home.
President Mohamed Morsi, during his meeting with Egyptian expatriates on his recent Saudi visit, expressed his desire to unify their efforts to contribute to the economic revival in the country.
Many community members who took part in the meetings at the consulate said they were pleased with the proposals. The meetings were organized to garner support for the “Egyptian Renaissance” movement and mobilize the potentials of the Egyptian expatriates in Saudi Arabia to make it a success.
A number of feasibility studies were presented at the meetings. A holding company with contributions from Egyptians working abroad to finance and manage these mega projects was proposed. A delegation of experts would be formed to discuss the adopted projects with officials in Egypt. It will also facilitate the processing and follow-up of paperwork and signing of MOUs with the Egyptian government.
The 1 million-strong Egyptian community in Saudi Arabia is making tremendous contributions in various professional fields. With the support of the Egyptian Embassy in Riyadh and the Consulate General in Jeddah, they formed a number of professional associations to pool their potentials to help in the development of their country.
On a professional level, these associations hold workshops, seminars and symposiums for the benefit of their members. Recreation and entertainment activities are also organized on various occasions to boost family and social bonding.
Currently, the Egyptian community in Saudi Arabia is working to contribute to investment in the national economy. The community is also preparing feasibility studies for several projects concerned with industrial production, education and healthcare.
Two major projects highlighted at the meetings were building of silos and a specialized professional training center.
The training center is one of the major projects Egyptian expatriates in Saudi Arabia promote due to the need to cope with changes taking place across professions globally.
The first phase should cover all trades in the construction field, it was decided.
The project requires the government's commitment to provide vocational training and holding exams for technical cadres in various occupations.
The establishment of the holding company was presented as an investment option for Egyptians working abroad. The proposed capital of the company is 5 billion Egyptian lire.
More projects were presented to contribute to the Egyptian renaissance, such as a natural gas production unit near Hurgada by the Red Sea.
Construction of a global cardiology institute in collaboration with Alexandria University as a non-profit body to serve the Delta region and provinces by the Mediterranean coast was another project presented.
A proposed waste recycling unit will have a major impact on environmental efforts. To contribute in solving the protracted housing crisis, a project was presented to build houses in new cities for young and medium-income people. In the field of education, a university and a few new schools are envisaged.
It was also suggested that marketing companies with trained employees be set up abroad to study the market needs and set production targets as per market requirements. In this, experiences of other exporting countries should be studied before emulating the best and most suitable for Egyptian conditions.
It was agreed that a committee be formed and headed by Egyptian investors to coordinate with committees of Egyptian expats in Riyadh and other regions to verify all feasibility studies and select the targeted projects.
A unified delegation will then communicate with the president's office in Cairo to take further steps in implementing these projects.


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