CAIRO - 21 June 2022: Saudi investments in Egypt exceeded $32 billion, with about more than 6800 Saudi companies operating in the country, according to the Council for Saudi Chambers of Commerce and Industry.
The Council noted that the Egyptian investments in Saudi Arabia amount to $5 billion through more than 802 Egyptian companies.
This came according to an economic report issued by the Council of Saudi Chambers of Commerce; on the occasion of the visit of the Crown Prince, Deputy Prime Minister and Minister of Defense, Prince Mohamed bin Salman bin Abdulaziz, to the Arab Republic of Egypt.
The report indicated that Saudi investments in Egypt are mainly distributed in the sectors of industry, construction, tourism, finance, services, agriculture, communications and information technology, while Egyptian investments in the Kingdom are concentrated in the sectors of industry, construction, communications, information technology, wholesale and retail trade, and technical, scientific and professional services.
The report stressed that Saudi-Egyptian economic relations are based on a solid foundation of institutional frameworks represented in economic cooperation agreements, in addition to the Saudi-Egyptian Joint Business Council, which represent important tools for developing areas and opportunities for cooperation between the two countries at all levels.
It pointed out that the Kingdom and Egypt are bound by more than 160 bilateral agreements that support the growth of economic relations.
The volume of trade exchange, according to the report, reached about 54 billion riyals ($14.4 billion) during 2021, its highest value in history, achieving a growth of 87 percent compared to 2020, where the volume of Saudi exports to the Egyptian market amounted to 38.6 billion riyals ($10.29 billion).
Egyptian imports to the Saudi market recorded 15.7 billion riyals ($4.19 billion), with a record growth of 60 percent.
The report noted that, according to these figures, Egypt is the largest Arab trading partner for the Kingdom, as it is the seventh partner in terms of exports, and the ninth in terms of imports worldwide.
Egypt ranked second in the list of the largest countries for which investment licenses were issued in the Kingdom in 2020, with a total of 160 investment licenses, and came second in terms of new projects in the Kingdom. The number of investment deals concluded during the first quarter of 2022 reached 11 investment deals, while the Kingdom ranks second in terms of investments in Egypt.
The report stressed the mutual economic importance between the two countries, as the Kingdom represents an economic importance to Egypt as it is considered a market for many Egyptian agricultural, industrial and service exports, an absorber of Egyptian labor, and a major source of tourism, as Saudi investments play an important role in diversifying and supporting the Egyptian economy. It can represent an entry gate for Egyptian products to the Gulf markets, and a fertile ground for Egyptian investments in many sectors.
Egypt is of special economic importance to the Kingdom; Given that it is a depth for the Saudi and Gulf markets and a high-consumption market, it can also represent an important gateway for Saudi products to reach the countries of the African continent, and is a supplier of many agricultural and industrial products, and a major source of employment and scientific, technical and professional expertise.