Saudi-Egyptian Relations: Joint Trade and Enduring Cooperation

    Riyadh, October 08, 2024, SPA --The relationship between the Kingdom of Saudi Arabia and the Arab Republic of Egypt is rooted in historical and fraternal foundations, strengthened by shared political and economic interests in the region. These relations have fostered close cooperation in various fields, particularly economics, over several decades. Trade and mutual investments are crucial for developing and enhancing the role of these relations at both regional and international levels.
   The first meeting of the team to follow up on the recommendations of the 18th session is scheduled for October 9-10, 2024, in Cairo, the capital of Egypt. The meeting aims to review the implementation of the strategic orientations of the two countries, as well as the recommendations and initiatives of the Saudi-Egyptian Joint Committee. The committee is chaired by 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.
   The team is also tasked with working alongside government agencies to implement the joint committee's recommendations and initiatives, preparing and coordinating committee meetings, identifying obstacles and challenges, submitting recommendations with proposed solutions, and following up on their resolution. They will also address the challenges facing the joint committee's work.
   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 faced by investors and improving the economic environment in both countries.
   Trade exchange between the Kingdom and Egypt has significantly increased, reaching nearly $8 billion during the first half of 2024, a 41% increase compared to the first half of 2023. The most prominent Saudi-exported goods include metal products and plastics, while Egypt's most significant imports are metal, copper, and related products.
   Investments play a vital role in strengthening economic relations between the two countries. The value of Saudi investments in Egypt has reached approximately $26 billion, with over 8,000 companies, while Egyptian investments in Saudi Arabia amount to around $4 billion, involving more than 3,000 companies.
   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.
   -- SPA