Trade between Egypt and Saudi Arabia has surged to approximately USD 6.5 billion (EGP 327 billion) in 2024, reflecting a growth of 32.7 percent from USD 4.9 billion (EGP 246 billion) during the same period last year.
This increase highlights the stable economic collaboration between the two nations, with both exports and imports contributing mainly to this growth.
Osama Basha, the Commercial Minister Plenipotentiary and Head of the Egyptian Commercial Office in Saudi Arabia, announced these figures during his farewell celebration organized by the General Union of Egyptians Abroad in Saudi Arabia.
Basha emphasized that Egypt now ranks as the seventh largest trading partner of Saudi Arabia, a testament to the strengthening economic ties between the two countries.
Data from the Central Agency for Public Mobilization and Statistics in Egypt reveals that Egyptian exports to Saudi Arabia amounted to approximately USD 2.2 billion (EGP 110 billion) in the first eight months of 2024, up from USD 1.7 billion (EGP 85 billion) in 2023, representing a growth rate of 29.4 percent.
Conversely, imports from Saudi Arabia increased to USD 4.3 billion (EGP 216 billion), a rise from USD 3.2 billion (EGP 161 billion) in the previous year, indicating a growth rate of 34.3 percent.
On the other hand, Saudi Arabia’s total investments in Egypt reached USD 37 billion (EGP 1 trillion) across more than 6,830 companies.
Egyptian investments in Saudi Arabia are currently at USD 5 billion (EGP 251 billion) through 805 companies, showcasing the potential for further collaboration and growth.
Basha expressed optimism about future Saudi investments and the ongoing cooperation between businesses and entrepreneurs from both nations.
Additionally, remittances from Egyptians working in Saudi Arabia were recorded at approximately USD 8.3 billion (EGP 417 billion) during the fiscal year 2022/2023, though this reflects a decrease from USD 11 billion (EGP 553 billion) in the previous year.
In contrast, remittances from Saudis working in Egypt increased to USD 26.1 million (EGP 1 billion), up from USD 17.1 million (EGP 860 million), showcasing the interconnectedness of the two economies.
To bolster these economic ties, Egypt plans to open a Saudi investment office at the General Authority for Investment and Free Zones (GAFI) headquarters in Cairo, as announced by GAFI CEO Hossam Heiba to facilitate investment opportunities and enhance cooperation between the two countries.
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