Economic And Trade Relations
 
Source: 
Published at:   04/10/2006
 
 
 
 



 
Saudi Arabia is one of the main trade partners for egypt. the amount of trade between the two countries reached 1620 million dollars in 2004,where  the egyptian exports were  424 millions with  a 40 % increase  compared to  2003, and the egyptian imports were about 1196 million dollars, while 65 to 75 % of the egyptian imports were oil products. the  unprecedented increase in  international oil priceس  was one of the main reasons behind the  trade deficit  between egypt and saudi arabia in favor of the latter .
 
 
As for investments,    saudi arabia is the biggest arab investor  investments in egypt with a total  share in capital of the saudis reached 7.5 billions  dollars  in 989  companies, 39%  of which are in the industrial sector, 27% in the tourism sector, 12% in the banking and finance sector. on the other hand , the total amount of  egyptian  capital  invested in saudi arabia is 221 million dollars, in 302 saudi companies.
 
it is expected that the coming years will witness major developments in the  economic relations between the two countries. many  promising events , and visits by  top executives have taken place in 2005, to promote the bilateral economic ties  for a level that lives up to the  the expectations of the  peoples  of the two sisterly countries. these events and visits were:-


1-    The visit of the egyptian minister of  foreign trade and industry / rasheed mohamed rasheed  to saudi arabia  in january 2005.


2-     Holding  t he eleventh round of the  egyptian- saudi  joint higher committee   from 30 march to 3 april 2005 in cairo, under the presidency of the two foreign ministers, after a 4 years stoppage period.


3-    Conveying the joint technical committee  between  representatives from various  governmental institutions, under the presidency of the two foreign trade ministers in cairo, may 2005.


4-    Conveying two  meetings of the  egyptian- saudi business council, in cairo, and  riyadh in  march and  may 2005.


5-    The three visits of  dr. ziad bahaa eldin, the chairman of  the general authority for investment and free zones, to riyadh and jeddah in january , may and september.


6-    The fifteenth round of the  annual egyptian trade fair in jeddah,  august 2005.


7-    The first round of the egyptian trade fair in riyadh, which was held as exception to the saudi rules that   prohibit any country of holding two different trade fairs in two saudi cities at the same year.