Saudi Arabian investments in Egypt rise 44.1% in Q2-FY2019

Net Saudi Arabia’s investments in Egypt rose 44.1 percent to $125.5 million during the second quarter of financial year 2018/2019 from $87.1 million last year, according to a report.

“Egyptian exports to Saudi Arabia increased 14.4 percent to $276.7 million during the first two months of 2019, compared with $241.9 million during the same months of 2018,” Egypt’s state-owned statistics agency CAPMAS said in its bulletin on Thursday.

Meanwhile, Egypt’s imports from Saudi Arabia dropped 9.5 percent year-on year to $933.4 million during the January-February 2019 period.

Trade exchange between the two countries recorded $1.2 billion during the two months, compared to $1.3 billion, with a drop of 7.7 percent, according to CAPMAS.

Saudi Minister of Trade and Investment Majed bin Abdullah al-Qasabi said earlier that trade exchange between Egypt and Saudi Arabia hit $7.3 billion.

Qasabi referred that Saudi direct investments in Egypt exceeded $3.4 billion, adding thatthe number of Saudi companies in Egypt reached 5,000.

According to Egypt’s bulletin issued by the state’s statistic body for the period from January to August 2018, Egypt’s imports from Saudi Arabia amounted to $3.781 billion, ranking the second country Egypt imports from after China with$6.244 billion.

As per the exports, Egypt’s exports to Saudi Arabia recorded $929.5 million during January-to-August period, bringing the trade exchange between the two states to $4.7 billion during the eight months.

Source: Egypt Today