In a significant move to strengthen economic ties, the Saudi-Egyptian Business Council has proposed the creation of an economic coalition between Saudi Arabia and Egypt. This alliance is strategically aimed at penetrating third-party markets, with a particular focus on the promising African market. The initiative is designed to enhance collaboration in various business ventures and investment prospects, with the dual goal of securing food and medicinal supplies in response to worldwide emergencies.
The initiative was announced at a council gathering in Riyadh, coinciding with the 18th session of the Saudi-Egyptian Joint Committee. Distinguished attendees included key governmental figures such as Dr. Majid Al-Qasabi, Saudi Minister of Commerce, and Eng. Ahmed Samir, Egyptian Minister of Trade and Industry, along with Hossam Heiba, President of the General Authority for Investment and Free Zones of Egypt, and delegates from the private sectors of both nations.
Dr. Al-Qasabi underscored the significance of Saudi Arabia as Egypt’s foremost commercial ally, noting a remarkable 40% surge in bilateral trade, amounting to $20 billion. Eng. Samir reiterated Egypt’s dedication to fostering a conducive business environment for Saudi investors by offering incentives and eliminating existing hurdles.
Hassan Al-Huwaizi, who chairs the Federation of Saudi Chambers of Commerce and Industry, pointed out that the bond between Saudi Arabia and Egypt is cemented by nearly 70 agreements, protocols, and memoranda of understanding across various institutions, underscoring the strategic depth of the partnership.
Adding to these affirmations, Ahmed Al-Wakil, President of the General Federation of Egyptian Chambers of Commerce, highlighted the burgeoning economic climate in both countries. He also acknowledged the significant Saudi investment presence in Egypt, with 3,000 projects valued at $30 billion.