Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who is also the kingdom’s Deputy Prime Minister and Minister of Defense, has begun his regional tour of Egypt, Jordan, and Turkey.
The Crown Prince will meet the leaders of these countries to review bilateral relations and ways of enhancing, the state-run Saudi Press Agency reported.
Egyptian President Abdel-Fattah El-Sisi received the Saudi Crown Prince Mohammed bin Salman at the Cairo International Airport on Monday night, the presidential spokesman Bassam Rady confirmed.
Saudi Arabia – Egypt trade relations
The Kingdom of Saudi Arabia and Egypt have more than 160 bilateral agreements that support the growth of economic relations, according to a report released by the Federation of Saudi Chambers.
The volume of bilateral trade between the two nations reached approximately $14.39 billion (SAR 54 billion) in 2021, its highest value in history, marking an 87 percent increase compared to 2020.
Meanwhile, the volume of Saudi exports to the Egyptian market stands at SAR 38.6 billion, and Egyptian imports to the Saudi market have reached SAR 15.7 billion, with a record growth of 60 percent, the state-run Saudi Press Agency confirmed.
Additionally, the volume of Saudi investments in Egypt rose to more than $32 billion through more than 6,800 Saudi companies, while Egyptian investments in Saudi Arabia reached $5 billion through more than 802 Egyptian companies.
Saudi investments in Egypt are mainly distributed in the sectors of industry, construction, tourism, finance, services, agriculture, and communications and information technology.
Egyptian investments in the kingdom are concentrated in the sectors of industry, construction, communications, information technology, wholesale and retail trade, and technical, scientific and professional services.
Largest Arab trading partner with Saudi Arabia
According to these figures, Egypt is the largest Arab trading partner with Saudi Arabia. On a global level, Egypt ranks seventh as a partner in terms of exports and ninth in terms of imports.
Egypt also ranked second in the list of the largest countries for which investment licenses were issued in the kingdom in 2020, with a total of 160 investment licenses.
And it came in second in terms of new projects in the kingdom. Eleven investment deals were concluded during the first quarter of 2022.
Saudi Arabia represents significant economic importance to Egypt, as it is considered a market for many Egyptian agricultural, industrial and service exports, an absorber of Egyptian labour, and a major source of tourism.
Furthermore, Saudi investments play an important role in diversifying and supporting the Egyptian economy.
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