Business leaders in Saudi Arabia and Egypt are advocating for enhanced economic collaboration with the aim of elevating their already significant $20 billion trade partnership. The Saudi-Egyptian Business Council has proposed the formation of an economic alliance to facilitate joint expansion into new markets, with a particular focus on the African continent.
This initiative is designed to create synergies between the two nations’ business sectors, capitalizing on investment opportunities and projects that will contribute to food and medicine security. The alliance is also positioned to tackle challenges that arise from global economic upheavals.
Detailed discussions concerning this alliance were a focal point during a recent council meeting in Riyadh, coinciding with the 18th session of the Joint Committee. High-profile attendees included Saudi Minister of Commerce Dr Majid Al Qasabi, Egyptian Minister of Trade and Industry Eng. Ahmed Samir, President of the General Authority for Investment and Free Zones of Egypt Hossam Heiba, and representatives from the private sectors of both countries.
Dr Al Qasabi underscored Saudi Arabia’s status as Egypt’s premier trading partner and commended the 40 percent growth in trade exchange, reaching the $20 billion mark. Eng. Samir reiterated Egypt’s dedication to incentivizing and smoothing the path for Saudi investors.
Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers of Commerce and Industry, noted the strong existing ties, evidenced by roughly 70 agreements, protocols, and memoranda of understanding between governmental and private institutions of both nations, indicative of a robust strategic partnership.
Acknowledging the fertile economic landscape in both countries, Ahmed Al-Wakil, President of the General Federation of Egyptian Chambers of Commerce, highlighted the Kingdom as a prominent investor in Egypt, with investments encompassing 3,000 projects valued at $30 billion.