Saudi Arabia largest Arab investor in Egypt
Saudi Arabia's investments in Egypt have grown to be the largest among Arab countries over the past three years, reaching US$ 6.1 billion – that is, 27% of a total of US$ 20 billion invested by other Arab countries.
Official figures issued by the Egyptian Ministry of Commerce and Industry indicated that the volume of trade exchange between Egypt and the Kingdom had reached about US$ 2.6 billion last year, of which US$ 1.5 billion were Egyptian exports and US$ 1.1 billion were imports from Saudi Arabia.
The economic relations between the two countries got a boost recently when agreements were signed for Saudi Arabia to invest in Sinai as part of the Saudi Neom project. The two sides agreed to strengthen bilateral cooperation in the developmental sector and establish major projects in Egypt.
The report pointed out that under a newly established US$ 16 billion Saudi-Egyptian investment fund, Saudi Arabia would invest in a number of projects in various sectors.