Riyadh — Federation of Saudi Chambers reports that Saudi-Egyptian economic relations stand on a solid foundation. The FSC economic report issued for Crown Prince Mohammed Bin Salman’s visit to Egypt showed an SR54 billion trade exchange for 2021.
Crown Prince Mohammed Bin Salman was received at the Cairo airport by Egypt’s President Abdel Fattah El Sisi on Monday.
Institutional frameworks and economic cooperation agreements by the Joint Saudi-Egyptian Business Council represent essential measures that developed the economic cooperation and opportunities between the two brotherly countries.
The report showed that Saudi Arabia and Egypt have more than 160 bilateral agreements supporting the growth of economic ties.
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The SR54 billion in 2021 trade exchange marks the highest historical value. An increase in trade of 87% compared with 2020.
Saudi exports to Egypt in 2020 stood at SR38.6 billion, and Egyptian exports to Saudi Arabia were SR 5.7 billion, a record increase of 60%. 6,800 Saudi companies have invested over $32 billion in Egypt.
Meanwhile, 802 Egyptian companies have invested $ 5 billion in the Saudi Arabia markets.
Saudi investments in Egypt concentrate mainly on the industrial, financial, construction, tourism, ICT, services, and agricultural sectors.
In contrast, Egyptian investments in Saudi Arabia focus on industry, ICT, construction, retail and wholesale. Technical, scientific, and professional services.
According to the report, Egypt is the most prominent Arab commercial partner to Saudi Arabia. It is the seventh biggest partner in exports and ninth in imports at the international level.
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Egypt ranked second among the countries that Saudi Arabia granted investment licenses to in 2020. Saudi Arabia gave Egypt 160 investment licenses, the second-highest for new projects in Saudi Arabia.
The two countries signed 11 commercial deals during the first quarter of 2022. Saudi Arabia is Egypt’s second-largest investment partner.
The report also details the mutual economic importance between the two countries. Saudi Arabia represents economic importance to Egypt as a market for many Egyptian agricultural, industrial, and service exports. A prominent host of the Egyptian workforce and the primary source of tourism
Saudi investments play a significant role in diversifying, developing, and supporting the Egyptian economy.
This play is in addition to being a hub for Egyptian products and giving access to Gulf markets for Egyptian investments in several sectors.
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Meanwhile, Egypt holds unique economic importance to Saudi Arabia, providing a depth for Saudi and Gulf markets.
Egypt is the gate for Saudi products’ access to the African markets. It is also an agricultural and industrial resource. And a significant source for the workforce and scientific, technical, and vocational expertise.