Renowned Saudi businessman Sheikh Saleh Kamel, head of the Islamic Chamber of Commerce and Industry, will contribute with $ 500 million to fund a new Egyptian lighting system based on the use of solar energy.
Minister of State for Local Development Adel Labib held a press conference on Sunday at the headquarters of the Cabinet in Cairo, in which he announced the initiative to use solar energy for street lighting.
Furthermore, Labib stated that another project is currently under study, to provide slum areas with electricity.
Saudi Arabia is one of the Arab states that have been endorsing Egypt the most in the past months.
Sheikh Kamel in particular headed several initiatives to encourage Gulf states to invest in Egypt and engage in economic cooperation. Earlier this month, a joint cooperation protocol was signed by Kamel and the Federation of Egyptian Chambers of Commerce to promote Egyptian products and trade to Gulf states.
Kamel also played an influential role during the Egyptian-Gulf Investment Forum last December, as he began following up on the actual implementation of the initiatives discussed in the forum.
“The Egyptian Investment” week is expected to be held in Saudi Arabia in the coming month to attract investors. Moreover, the Saudi sheikh will visit Egypt after the event to meet with the ministers of industry and investment to launch joint projects.
Additional reporting by Hend Mokhtar.