Saudi Arabia, Egypt Witness Growing Trade Relations, Partnerships

Saudi Arabia, Egypt Witness Growing Trade Relations, Partnerships

Saudi Arabia Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi stated that Saudi Arabia and Egypt are experiencing significant growth in trade relations, partnerships, joint projects, and development investment, thanks to the determination of their leaderships.

During the Saudi-Egyptian Business Forum held in Cairo today, Al-Qasabi addressed over 270 prominent Saudi and Egyptian businessmen, as well as senior executives from major companies on both sides.

He noted that the volume of trade between Egypt and Saudi Arabia reached a remarkable $20.4 billion in the past year. Additionally, Saudi direct investment in Egypt has reached an impressive $32 billion in recent years.

The forum, organized by the Saudi National Competitiveness Center (NCC) in collaboration with the Federation of Saudi Chambers (FSC) and the Federation of Egyptian Chambers of Commerce, aims to strengthen partnership between the two countries’ business sectors and discuss economic reforms.

Al-Qasabi also held meetings on the sidelines of the forum with Egypt’s Minister of Electricity and Renewable Energy Dr. Mohamed Shaker and Minister of Tourism and Antiquities Ahmed Issa. The discussions focused on enhancing bilateral cooperation, exploring promising opportunities, and addressing challenges and obstacles in the business sector. Attendees included Saudi Ambassador to Egypt Osama bin Ahmed Nugali and several senior Saudi investors.

During a ministerial dialogue session at the forum, Egyptian Minister of Trade and Industry Ahmed Samir highlighted the joint efforts of Egypt and Saudi Arabia to enhance cooperation in various productive and service sectors.

CEO of the National Competitiveness Center Dr. Iman bint Habas Al-Mutairi highlighted the significant reforms implemented in Saudi Arabia to enhance its competitiveness. The Kingdom has undertaken more than 700 reforms, covering 16 main and sub-economic sectors across 9 fields.

Meanwhile, President of the Federation of Egyptian Chambers of Commerce Ahmed El-Wakeel, discussed enduring relations between Saudi Arabia and Egypt, expressing their shared commitment to exploring new cooperation opportunities across various fields.