Saudi-Egyptian partnerships are one of the strongest and most stable partnerships in the Arab region, due to the historical brotherly foundations, and strategic relations enhanced by common political and economic interests in the region.
The Saudi-Egyptian partnerships span decades of cooperation at various fields, particularly in the economic field. Also, trade and mutual investment have a fundamental role in the development of these partnerships.
The first meeting of the follow-up team to follow up on the recommendations of the 18th session is scheduled to be held on October 9–10, 2024, in Cairo, headed by the Deputy Governor of the Authority for International Relations, Mr. Abdulaziz Alsakran, and the Head of the Agreements Sector and Foreign Trade, Dr. Amani Alwasal.
The follow-up team aims to follow up on the implementation of the strategic directions of the two countries and the implementation of the recommendations and initiatives of the Joint Committee, coordinate meetings, identify obstacles and challenges, and recommend solutions and follow up on them.
The Saudi-Egyptian Business Council plays a substantial part in facilitating cooperation between companies and investors and organizing trade meetings that aim to enhance cooperation opportunities. As well as a number of joint committees, aim to develop relations in various areas by working to overcome obstacles that may face investors and enhance the economic environment in both countries.
Trade exchange between Saudi Arabia and Egypt is one of the most important features of the economic relations between the two countries in recent years. In the first half of 2024, trade exchanges increased significantly by 41%, reaching about $8 billion, compared to the first half of 2023. The most Saudi exported goods to Egypt are metal products and plastics, while mineral products and copper are the most imported Egyptian goods.
Investments are important to strengthening economic relations between the two countries. Saudi investments in Egypt are about $26 billion with more than 8,000 companies, and Egyptian investments in Saudi Arabia are about $4 billion with more than 3,000 companies.
GAFT promotes the Kingdom's international trade gains and defends its interests in the areas of foreign trade, thereby contributing to the development of its national economy.