$15 billion supports.. Developed economic relations between Egypt and Saudi Arabia

Economic relations between Egypt and Saudi Arabia have witnessed tremendous developments over the past few years.

 Relations developed through huge investments and increased trade exchange rates.

Trade exchange

  Recently, the value of trade exchange between Egypt and Saudi Arabia increased to $9.1 billion in 2021, compared to $5.6 billion in 2020, an increase of 62.1%.

High trade turnover

 The value of Egyptian exports to Saudi Arabia amounted to $2.2 billion in 2021, compared to $1.9 billion in 2020, an increase of 17.3%.

 The value of Egyptian imports from Saudi Arabia amounted to $6.9 billion in 2021, compared to $3.7 billion in 2020, an increase of 84.5%.

Saudi investments

 Saudi Arabia ranked second in the list of countries investing in the Egyptian market, with investments amounting to $6.1 billion in 6017 projects.

 Saudi Arabia invests in the fields of industry, construction, tourism, agriculture, services, finance, communications and information technology.

Support from Saudi Arabia to Egypt

 In March 2022, Saudi Arabia pledged $15 billion to support Egypt, including $5 billion as a deposit in the Central Bank of Egypt, in addition to $10 billion to increase its investments in Egypt.

Economic developments

  Last June, Saudi Arabia and Egypt signed 14 memorandums of understanding with a total value of $7.7 billion between the private sectors in both countries. The memorandums were signed on the sidelines of Saudi Crown Prince Mohammed bin Salman's visit to Egypt.

Energy cooperation

 The energy sector had a large share in the Egyptian-Saudi economic partnership, as the Saudi company ACWA Power signed, on the sidelines of the Climate Summit in Sharm el-Sheikh, an agreement to build a wind power plant with a capacity of 10 gigawatts in Egypt.