JEDDAH: The Saudi-Egyptian Business Council said the Egyptian workforce would benefit from the creation of some 320,000 jobs in the next five years. These jobs will come after the signing of a number of agreements and memorandums by the two countries, and the announcement of the establishment of a free economic zone in the Sinai Peninsula.
Abdullah Bin-Mahfouz, the council’s deputy chairman, said the Saudi private sector had pledged to provide more than 70,000 new job opportunities for the Egyptian workforce over the next five years.
“The announcement to establish a free economic zone in the Sinai Peninsula will provide 250,000 new jobs for Egyptians. The figure is expected to increase with the increasing volume of investments in Sinai,” said Bin-Mahfouz.
The business council noted the important role to be played by the King Salman Bridge in stimulating and boosting trade, industry and investment between Saudi Arabia and Egypt.
Two Saudi industrial projects “Northern Promise” and “Taadeen” are expected to have a major role in the development of Sinai.
A member of the Saudi-Egyptian Business Council, Fahd Al-Hamadi, said that the two industrial projects represent the spirit and soul of the strategic projects which should attract big investment to Sinai.
“The expected volume of investments in the factories and the infrastructure of the “Northern Promise” city project will be in the neighborhood of SR36 billion.
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