Saudi-Egyptian relations as a model – Saudi news

Crown Prince Mohammed bin Salman will embark on a foreign tour today (Monday), including Egypt, Jordan and Turkey. During the tour, the Crown Prince will discuss a number of regional and international issues with the leaders of the three countries, and ways to strengthen relations in various areas Prince Mohammed bin Salman will begin his tour today with a visit to Egypt, as Saudi Arabia Egyptian relations are a model for Arab relations, both in terms of their strength and durability or in terms of their strength and durability. Its stability and growth, and the positions between the two countries, are characterized by congruence of visions on regional issues, in addition to the important position of the two major countries on the political and geographical map, which has embodied their weight at Arab and international level.

Increase investments

In this context, the head of the Federation of Mediterranean Chambers and the head of the Alexandria Chamber of Commerce, Ahmed Al-Wakeel, told Okaz that the co-operation relations between the Kingdom and Egypt are complex at all levels, which is the volume of high – level visits between the two sides during the last period, emphasizing that the relations The policy has since its inception been characterized by privacy and respect, and there is a real desire between Riyadh and Cairo to meet the challenges that the increase of collective investments.

He revealed that the number of Saudi companies operating in Egypt had reached more than 6,000 companies with investments of $ 30 billion in all areas by the end of 2021, pointing out that the industrial sector was responsible for most of that investments with 785 companies, followed. by the tourism sector, in addition to other sectors.Information and communication technology, property, construction, agriculture and food security, and declares that Saudi tourism represents more than 20% of Arab tourism.

Al-Wakeel explained that Saudi-Egyptian economic relations are constantly growing, which is confirmed by the language of numbers, as the value of trade exchanges between the two sides increased to $ 9.1 billion in 2021, compared to $ 5.6 billion in 2020, and the value of Egyptian imports from the Kingdom last year amounted to about 6.9 billion. Dollars, compared to $ 3.7 billion in 2020, and Egyptian exports to the Kingdom are $ 2.2 billion, compared to $ 1.9 billion in the same year. Given the large volume of Egyptian workers working in the Kingdom, excluding the Gulf countries, the value of Egyptian overpayments reached $ 9.6 billion in the 2019-2020 financial year, compared to $ 8.5 billion during the 2018-2019 financial year.

The President of the Alexandria Chamber praised the role of the Saudi-Egyptian Business Council in overcoming obstacles between the two sides and providing information and services to investors, as well as the importance of the joint committee chaired by the two trade ministers and its role in fostering and strengthening economic ties between the two countries, a committee that has made a huge leap in the files of trade and industrial cooperation It has been received by a number of Saudi investors seeking to invest in Egypt, reflecting the confidence of investors in the Egyptian economy, pointing out that Saudi deposits played a role in providing hard currency at the Central Bank of Egypt, which was evident in 2013, the last of which was in recent months by 5 billion dollars to deposit.

shared vision

In turn, the advisor of the Arab Center for Studies and researcher in economic affairs, Abu Bakr Al-Deeb, revealed to “Okaz” that there are several reasons for the prosperity of Saudi-Egyptian economic relations, the most important of which is compatibility. , harmony and understanding between the leaders of the two countries, which led to strong economic and investment partnerships, always supported by the respective political relations between the two countries, as well as The two countries have a vision for sustainable development 2030 for Saudi Arabia and 2035 for Egypt. The two countries also have a national investment strategy, and there is the largest Egyptian community in Saudi Arabia exceeding 1.7 million, whereas the largest Saudi community living in Egyptian countries is estimated at half a million .

Al-Deeb explained that the Kingdom is Egypt’s largest trading partner in the Middle East, indicating that the Egyptian government is striving to increase Saudi investment, especially in various sectors such as the projects of the new administrative capital, the Suez Canal axis, and the reclamation of millions of hectares for agriculture, transport, logistics and others, adding that the Kingdom’s vision for 2030 led to an increase in Saudi investment to Egypt, in addition to the importance of the economic reform that the Egyptian government implemented in 2016, with the aim of attracting foreign investment, especially Saudi investments due to their large size, emphasizing the importance of the electrical interconnection project, which will transform the two countries into two major energy centers in the Middle East, connecting Arab Gulf energy networks with Africa and Europe, expects the Kingdom’s investments to double to $ 60 billion within 10 years.

Help continues

El-Deeb stressed that Saudi economic aid to Egypt has not stopped since January 2011, and it was one of the first countries to provide significant financial aid to Egypt in the wake of the January 25, 2011 and June 30, 2013 revolutions. , to help support the Egyptian economy with more than $ 30 billion between loans and grants. And deposits with the Central Bank of Egypt, in addition to increasing the volume of Saudi investments in Egypt to 30 billion riyals, in support of the transport movement in the Suez Canal by Saudi ships, Saudi Arabia has also increased the volume of its petroleum aid Egypt increases from two billion dollars to 5 billion dollars.

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