Remittances By Egyptians In Saudi Arabia Hit US$ 8 Bln In 2011

Mahmoud Ouf, Egypt’s ambassador to Saudi Arabia, said the value of remittances from expat Egyptians in Saudi Arabia reached US$ 8 billion in 2011, accounting for 60% of the total value of remittances from expat Egyptians.

 The value of such remittances exceeds that of tourism income and Suez Canal revenues totaling US$ 5 billion.

Ouf added that the number of Egyptians in Saudi Arabia has increased by 150,000 after 2011’s revolution.

He affirmed that relations between Saudi Arabia and Egypt continues to grow and that Saudi Arabia has supported Egypt with US$3.75 billion after the revolution.

More than 1.5 million Egyptians work in Saudi Arabia. Meanwhile, Saudi Arabia is considered one of Egypt’s biggest foreign investors, trade partners and donors. The overall value of Saudi investments in Egypt amounts to US$45 billion, while trade between the two countries is at US$10 billion.