CAIRO – 25 February 2019: The Saudi Embassy in Cairo published on its official account on Twitter a video showing the history of economic relations between Egypt and Saudi Arabia, and highlighting the kingdom as the largest Arab economic partner to Egypt.
This step came in conjunction with the visit of King of Saudi Arabia Salman bin Abdel Aziz to Egypt to attend the EU Arab World Summit in Sharm El-Sheikh.
The video recognized the common economic entities between the two states, including Saudi-Egyptian Coordination Council, Saudi- Egyptian Business Council, and Mutual Fund between both countries.
The video reviewed the most important information on economic relations between the two countries, stating that trade exchange between both countries hit SR 27.4 billion.
It also contained the most significant exported commodities, which are: metal products, paper and paperboard, plastics and articles thereof, iron and steel, and aluminum and articles thereof, while the most significant imported commodities included metal products, electrical appliances, fruits and vegetables, and steel and iron.
According to the video, Saudi Arabia is the Arab country with the biggest volume of investments in Egypt. Saudi investments in Egypt reached $27 billion with a total of 2,900 projects.
The Egyptian-Saudi relations have witnessed great momentum and development in all fields. The volume of Egyptian investments in the kingdom reached $2.5 billion with a total of 1,300 projects.
“16 percent of Saudi investments in Egypt is in tourism sector,” it showed.
During 2018, both countries signed joint agreements worth $16 billion. Also, Egypt’s exports to Saudi Arabia recorded $1.5 billion, while the imports hit $1.1 billion.
In November, Saudi Minister of Trade and Investment Majed bin Abdullah al-Qasabi said that trade exchange between Egypt and Saudi Arabia hit $7.3 billion.
CAIRO - 27 November 2018: Trade exchange between Egypt and Saudi Arabia hit $7.3 billion, according to Saudi Minister of Trade and Investment Majed bin Abdullah al-Qasabi. Qasabireferred at the Egyptian-Saudi Business Council in the presence of Electricity Minister Mohamed Shaker that Saudi direct investments in Egypt exceeded $3.4 billion, adding thatthe number of Saudi companies in Egypt reached 5,000.
Comments
Leave a Comment