In an interview with the Saudi Arabian newspaper Okaz, Farouk said Egypt-Saudi ties have "a special" nature, noting that the political leadership is keen to promote bilateral cooperation in all fields.

 

Egypt is the largest Arab and African trading partner of the kingdom and the second largest trading partner of the kingdom in general, he added.

 

The total trade exchange between the two countries in 2020 hit some $7.8 billion, of which nearly $5.1 billion are Saudi exports to Egypt, including petroleum. Egyptian exports to the kingdom stood at $2.7 billion, which makes it the second largest importer of Egyptian products in the same year.

 

Moreover, Saudi Arabia is the second largest investor in Egypt with a total of $6 billion in the same year. Egypt is also the second largest country to which investment licences have been issued in 2020, according to the Egyptian ambassador.

 

Farouk hailed the kingdom for its support of Egypt in its efforts to reach a binding agreement on the long-running dispute over the Grand Ethiopian Renaissance Dam (GERD).