https://arab.news/jdtam
RIYADH: Trade between Saudi Arabia and Egypt saw an annual surge of 35.16 percent in the first half of 2024, according to the General Authority of Statistics.
The increase was driven by a 73.44 percent jump in the Kingdom’s imports from the north African country, totaling $4.18 billion.
Meanwhile, Saudi exports to Egypt rose 11.38 percent to $4.21 billion, resulting in a trade surplus of $30 million.
Non-oil exports accounted for 27.08 percent of Saudi shipments to Egypt, down slightly from 31.7 percent a year earlier. Plastics and rubber products dominated this category, representing 53 percent of the total.
On the import side, mineral products made up 64 percent of goods coming into the Kingdom from Egypt, reflecting the trade focus on industrial and raw materials.
The growing trade relationship between Saudi Arabia and Egypt underscores the strengthening economic ties and broader regional efforts to foster cooperation in a post-oil era.
During talks in Cairo on Oct. 15, Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi agreed to enhance trade and investment cooperation, signing an agreement to promote and protect mutual investments. They also established a supreme coordination council to deepen bilateral collaboration.
Saudi Arabia is actively pursuing a transformative economic vision aimed at reducing its dependence on oil revenues, a strategy embedded in its Vision 2030 initiative.
This ambitious plan seeks to diversify the Kingdom’s economy by bolstering non-oil exports and forging stronger trade ties with regional allies, including Egypt.
Saudi Arabia has made significant strides in enhancing its investment climate, focusing on creating a robust framework that attracts foreign investors.
As a result, countries such as Egypt have shown increased interest in investing in the Kingdom, recognizing growth potential in sectors such as technology, tourism, and renewable energy.
In the second quarter of 2024, Saudi Arabia’s Ministry of Investment issued 789 licenses to Egyptian firms — a 71 percent increase compared to the same period in 2023 — making Egypt the top recipient of investment licenses.
In an interview with Al-Ekhbariya, Chairman of the Saudi-Egyptian Business Council Bandar Al-Amiri highlighted upcoming projects, including tourism and real estate developments in Egypt worth over $5 billion, alongside various agricultural initiatives and advancements in the nutrition and pharmaceutical sectors.
He underscored the significance of knowledge exchange to improve food and pharmaceutical production in both countries, addressing the needs of each nation.
Additionally, Al-Amiri outlined plans to establish Egyptian factories and companies in Saudi Arabia, which, in collaboration with firms in the Kingdom, would enhance and facilitate entry into neighboring markets.
The crown prince’s last official visit to Egypt was in 2022, signaling Saudi Arabia’s shift from providing direct financial aid to focusing on investments in its allies.