Egyptian remittances from Saudi Arabia hit 60 per cent of total in 2011: Ambassador

Ahram Online, Saturday 28 Jul 2012

Egypt's ambassador to Saudi Arabia highlights the latter country's importance as one of their biggest investors, with 60 per cent of remittances coming from the oil-rich gulf peninsula

Egypt and Saudi
Saudi Arabia's King Abdullah (R) meets with Egypt's President Mohamed Mursi at the Royal Palace in Jeddah airport (Photo: Reuters)

Egypt's ambassador to Saudi Arabia, Mohamed Aouf, states that remittances from expat Egyptians in Saudi Arabia has significantly supported the home economy.

Egyptians sent eight billion dollars home from Saudi Arabia in 2011, supplying 60 per cent of all remittances.

This even overshadows revenues from the lucrative and commercially crucial Suez Canal, which were at $5 billion, according to a report by Egypt's official news agency, Middle East News Agency (MENA).

Aouf added that the number of Egyptians in Saudi Arabia has increased by 150,000 after the 25 January Revolution of 2011.

He pointed out that relations between Saudi Arabia and Egypt continues to grow and that Saudi Arabia has supported Egypt with some $3.75 billion after the revolution.

More than 1.5 million Egyptians work in Saudi Arabia. Meanwhile, Saudi Arabia is considered one of Egypt's biggest foreign investors, trade partners and donors. The overall value of Saudi investments in Egypt amounts to $45 billion, while trade between the two countries is at $10 billion.

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