Egyptian investments in Saudi Arabia hit $2.5bn: trade minister

The total volume of Egyptian investments in Saudi Arabia reached around US$2.5 billion in more than 1,300 projects, Egyptian Trade and Industry Minister Tarek Qabil said Wednesday.

The Saudi investments in Egypt are estimated at around $6 billion in more than 3,400 projects, the minister added.

Qabil noted that the volume of trade exchange between Egypt and Saudi Arabia increased in 2015 to US$6.3 billion from $6.2 billion in 2014.

The minister made these remarks during heading the meeting of the Saudi-Egyptian Business Council in which members of two sides and a number of ministers participated.

The meeting was held in the attendance of Chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed El-Wakil and Chairman of council’s Saudi side Saleh Kamel.

Qabil added that both Saudi and Egyptian private sectors play important role in enhancing commercial and investment relations within the upcoming period whether by expanding current investments or entering into new partnerships.

He invited Saudi businessmen to pump more investments in the Egyptian market and make use of the opportunities available in different fields notably food industries, building materials, construction, furniture, pharmaceuticals, and energy.