Awwal 13, 1432 H/Feb 16, 2011, SPA -- Sheikh Saleh bin Abdullah Kamel, President of the Saudi Commerce and Industry Chamber and Chairman of Jeddah Commerce and Industry Chamber, disclosed that a Saudi developmental bank with a capital of one billion Egyptian pound would be established in Egypt at an initiative of businessmen to help alleviate the current economic situation in Egypt following the recent incidents. During a meeting of the Saudi Egyptian Business Council in Jeddah today, attended by the Egyptian Commercial Minister Plenipotentiary at the Egyptian Consulate in Jeddah Saeed Al-Anani, Kamel stated that the bank would be announced within the coming two months and would be oriented for long-term investments. He said the losses incurred by the Saudi Egyptian joint investments are of operational nature, noting that the assets of those investments were not harmed.
