Saudi Arabia and Egypt’s trade exchange has witnessed a boom recently, rising 41 percent year-on-year to nearly $8 billion during the first half of 2024. The most prominent Saudi-exported goods include metal products and plastics, while Egypt’s most significant imports are metal, copper, and related products.
As Saudi Arabia and Egypt navigate expanding their economic ties, bilateral investments in sectors including energy and technology emerged as key areas of collaboration. Investments have played a vital role in strengthening economic relations between the two countries with the value of Saudi investments in Egypt reaching approximately $26 billion, with over 8,000 companies. Meanwhile, Egyptian investments in Saudi Arabia amounted to around $4 billion, involving more than 3,000 companies.
Saudi-Egyptian joint committee meets
In a bid to further expand their economic ties, Egypt and Saudi Arabia are holding a meeting of the Saudi-Egyptian joint committee in Cairo to review the implementation of the strategic orientations of the two countries, as well as the recommendations and initiatives of the committee.
The two countries’ last meeting discussed cooperation in the commercial, industrial, social, cultural, and media sectors as well as other topics related to housing, petroleum, education, and tourism.
The committee is chaired by the Deputy Governor for Foreign Trade for International Relations at the General Authority of Foreign Trade (GAFT) Abdulaziz bin Omar Al-Sakran and Head of the Agreements Sector and Foreign Trade at the Ministry of Trade and Industry of Egypt Dr. Amani Al-Wasal. GAFT aims to enhance the Kingdom’s international trade gains and defend its interests in foreign trade, contributing to the development of the national economy.
In addition, the Saudi-Egyptian Business Council plays a crucial role in facilitating cooperation between companies and investors from both sides. It organizes trade meetings to enhance cooperation opportunities and explore new investment areas. Additionally, the council includes several joint committees that work to develop relations in various fields by removing obstacles investors face and improving the economic environment in both countries.
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Cooperation in key sectors
Saudi Arabia and Egypt have outlined several key sectors for mutual cooperation including technology and energy. The two countries recently held the audi-Egyptian Technology Forum in Riyadh to foster entrepreneurship and technological investments to bolster the growth of the digital economy and innovation in the region.
The meeting covered technical investment prospects in both Saudi Arabia and Egypt. For its part, Saudi Arabia’s Ministry of Investment highlighted investment opportunities across important and promising fields, including technology.
The greater cooperation in technology came after Egypt’s Prime Minister Mostafa Madbouly visited Riyadh recently with the aim of increasing ties between the two countries. During the meeting, Saudi Arabia’s Crown Prince Mohammed bin Salman announced a $5 billion investment in Egypt through the Public Investment Fund (PIF).
As for cooperation in the energy sector, Saudi Arabia’s ACWA Power is one of the major producers of new and renewable energy and water desalination in Egypt. The two countries are also working on electrical interconnection in the next year.
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