Saudi Arabia seeks to increase trade with Egypt to $100 bln

Ahram Online , Wednesday 22 Nov 2023

Saudi Arabia is seeking to increase mutual trade with Egypt to $100 billion, said Second Vice Chairman of the Federation of Saudi Chambers, Fayez Alharbi, according to CNBC Arabia.

Saudi Arabian and Egyptian flags.
Saudi Arabian and Egyptian flags. Vectorstock.

 

Saudi Arabia is seeking to increase mutual trade with Egypt to $100 billion, said vice-chairman of the Federation of Saudi Chambers, Fayez Alharbi, according to CNBC Arabia.

Alharbi noted that there are unprecedented directives from Egyptian and Saudi leadership to boost mutual investments.

The Egyptian government pledged to immediately solve any problems facing Saudi Investors in Egypt, Alharbi stated during a meeting between a Saudi business delegation and the Federation of Egyptian Chambers of Commerce (FEDCOC).

He added that Saudi Arabians are considering investing in the Egyptian renewable energy sector in the coming period. 

Egypt and Saudi Arabia have recently reached an agreement on partnerships of up to 60 percent in each country for manufacturing projects aimed at reaching the African market, Alharbi revealed.

Trade chambers in both countries also agreed to set a work plan for 2024 to design a vision to give their industries access to the African markets, he added.

Alharbi said that 802 Egyptian companies are investing in Saudi Arabia and there are plans for more expansion in the kingdom. 

Egypt and Saudi Arabia are preparing to sign agreements worth $1.5 billion at the upcoming Egyptian-Saudi Business Forum which was launched in Cairo on 20 November. 

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 the development of non-oil exports. Another MoU was signed to promote the growth of the automotive industry.

Official data indicates that trade exchange between Egypt and Saudi Arabia saw a 13.5 percent increase in 2022, reaching $10.3 billion, compared to $9.1 billion in 2021.

Egypt turned a $10.5 billion deficit in its Balance of Payment (BoP) in FY2021/2022 to a surplus of $882 million in FY2022/2023, catapulted by record revenues from tourism and the Suez Canal.

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