Egypt and Saudi Arabia are bound by strong economic and investment partnerships supported by the distinguished political relations.
A report issued by the Egyptian Ministry of Trade and Industry showed that Saudi Arabia is the biggest trade partner of Egypt in the Middle East, adding that the trade exchange between both countries in 2021 recorded 4.3 billion dollars against 3.2 billion dollars in 2020.
The Egyptian exports to the Saudi market witnessed a 17-per cent increase in 2021 recording 1.995 billion dollars compared to 1.699 billion in 2020, the report showed.
Building materials, engineering commodities, electronics, food industries, agricultural products, medical industries, ready-made clothes and furniture are among the most prominent Egyptian products exported to the Saudi market.
During his visit to Cairo, Head of the Egyptian-Saudi Business Council Bandar bin Muhammad al Amri said that there are great investment opportunities in Egypt, adding that there will be Saudi more investments in Egypt within 2 or 3 years.
Both countries have strong historical and strategic relations, member of the Egyptian side of the Egyptian-Saudi Business Council Fatahallah Fawzy told MENA, adding that Saudi Arabia is the second Arab investor in Egypt.
There are promising opportunities for the Egyptian companies to cooperate with their Saudi counterparts in the different domains especially the field of building, construction, real-estate development and tourism, he said.
Visits exchanged by the two countries’ leaders helped promote Egyptian-Saudi relations in all fields, said the report.
