CAIRO - 20 November 2023: Egypt and Saudi Arabia are currently engaged in discussions to explore the feasibility of conducting onducting local currency-denominated trade, Yahya Al Wathiq Billah of the Egyptian Commercial Representation Service revealed this information in statements to Asharq Business, highlighting the potential for a significant shift in trade dynamics between the two nations.
Saudi Arabia's Commerce Minister, Majid Al Qasabi, has already presented a proposal to initiate discussions on the option of conducting a portion of trade operations in either the Saudi Arabian Riyal (SAR) or the Egyptian Pound (EGP).
The central banks of both countries will further deliberate on the proposal, assessing the potential benefits and implications of such a move.
The volume of Saudi private sector investments in Egypt has witnessed a remarkable surge, reaching an impressive $35 billion, as revealed by Bandar Al-Amiri, Chairman of the Saudi-Egyptian Business Council, during a press conference held at the Egyptian Ministry of Trade and Industry.
According to reports citing data from the General Authority for Statistics in Saudi Arabia, the trade exchanges between Egypt and Saudi Arabia amounted to $20.4 billion in the past year.
In recent developments, local media have reported that the Central Bank of Egypt (CBE) is set to receive new funds from the United Arab Emirates (UAE) and Saudi Arabia. The potential injection of $5 billion into the local market signals a positive outlook for Egypt's economic growth and stability, further strengthening its position as an attractive investment destination.
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