According to the Saudi Ministry of Commerce (MoC), the trade exchange between Saudi Arabia and Egypt has reached SAR221 billion (roughly $58.9 billion) over the past five years.
The MoC further revealed that the trade volume between the two nations experienced a 40 percent growth in 2022, amounting to SAR76.5 billion, compared to SAR54.5 billion in 2021.
Read more: Saudi’s PIF in talks to acquire Egyptian companies in key sectors
The trade exchange between Saudi and Egypt stood at SAR29 billion in 2020 and SAR36 billion in 2019, while it reached approximately SAR25 billion in 2018.
In 2022, Saudi Arabia secured the second position among Egypt’s trading partners.
The Federation of Egyptian Chambers of Commerce is taking the initiative to organize the inaugural Gulf-Egyptian Business Forum, scheduled to take place from November 22 to 33 in Cairo.
The forum participants, including officials and businessmen from the Gulf Cooperation Council (GCC) countries and Egypt, aim to generate recommendations that foster robust economic partnerships between the two sides.
Hassan Al-Huwaizi, president of the Federation of Gulf Chambers, emphasized the economic relations between Egypt and the GCC countries. He cited a recent study conducted by the federation, which revealed that the trade volume between Egypt and the GCC countries surpassed $30 billion in 2022. Out of this total, Gulf exports accounted for $20.4 billion, while Gulf imports from Egypt amounted to $9.5 billion.
Established investments
Al-Huwaizi remarked that Gulf investments in Egypt have been established for several decades and have experienced growth in recent years. This growth can be attributed to Egyptian economic reforms, improved investment environment, and concerted efforts to attract Gulf investments. Al-Huwaizi further stated that the total value of Gulf investments in Egypt surpasses $62 billion. He also highlighted the presence of over 8,500 Gulf companies actively investing in Egypt.
$35 bn
In a related development, Badr Al-Amiri, chairman of the Saudi-Egyptian Business Council, said the investments made by the Saudi Arabian private sector in Egypt have reached $35 billion. He further stated that the trade exchange volume between the two countries exceeded SAR60 billion (equivalent to EGP492.32 billion) in 2023.
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