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Saudi Arabia to increase investments in Egypt to $50bn 

An employee walks past a conveyor system carrying diammonium phospate (DAP) to the processing plant at the Ras Al Khair Industrial City, operated by the Saudi Arabian Mining Co. (Ma'aden) in Ras Al Khair, Saudi Arabia, on Wednesday, November 23, 2016 [Simon Dawson/Bloomberg via Getty Images]
An employee walks past a conveyor system carrying diammonium phospate (DAP) to the processing plant at the Ras Al Khair Industrial City, operated by the Saudi Arabian Mining Co. (Ma'aden) in Ras Al Khair, Saudi Arabia, on Wednesday, November 23, 2016 [Simon Dawson/Bloomberg via Getty Images]

Saudi Arabia is planning to increase the value of its investments in Egypt to $50 billion in the coming five years, the chairman of the Saudi Egyptian Business Council (SEBC) announced yesterday.

Bandar Al-Amri told local Akhbar El-Yom that there were "around 6,280 Saudi companies currently operating in Egypt," stressing that Egypt was a "major market for Saudi investors."

"Saudi mining companies have entered the Egyptian market this year, in addition to the establishment of new logistical zones for storing, manufacturing, and exporting dates," Al-Amri pointed out.

Egypt's Minister of Trade and Industry, Nevin Gamea, recently said the volume of Saudi investments in Egypt amounted to $30 billion, pointing to "plans to increase them in the coming period."

The kingdom is the second largest external market for Egyptian exports, while Egypt is the eighth largest recipient of Saudi exports, with a total trade exchange in petroleum and non-oil goods exceeding $7.5 billion.

READ: Saudi, Egypt form joint team to unify media vision

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AfricaEgyptMiddle EastNewsSaudi Arabia
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