Egyptian investments in Saudi Arabia reached $1.6 billion across 2,027 projects in manufacturing, retail, and construction sectors, Samir added on Sunday during a meeting with his Saudi counterpart Majid Al Qasabi.

The minister stated that the trade exchange between the two countries surged 23 percent to $5.655 billion in 2022 from $4.572 billion in 2021.

The meeting between Samir and Al Qasabi included a delegation of Saudi investors and discussed the development of economic relations between Egypt and the kingdom. 

For his part, Al Qasabi pointed out that private Saudi investments in Egypt reached $35 billion. He also noted that Egypt is the kingdom's top trade partner in Africa. 

Egypt and Saudi Arabia are preparing to sign agreements worth $1.5 billion at the upcoming Egyptian-Saudi Business Forum scheduled to take place in Cairo on 20 November, Turki Al-Hokair, a member of the Egyptian-Saudi Business Council said on Saturday.

Over the years, Egypt and Saudi Arabia have maintained warm relations in various fields, including politics, economics, and security. They have consistently coordinated on regional issues, further deepening their ties.

In July, the two nations signed a memorandum of understanding (MoU) to enhance cooperation in developing non-oil exports. Another MoU was signed to promote the growth of the automotive industry.