The President of the General Federation of Egyptian Chambers of Commerce, Ibrahim El-Araby, revealed that the volume of Egyptian projects in Saudi Arabia has risen to 1,300 with investments exceeding $2.5 billion, including 1,000 projects with 100% Egyptian capital, whose investments exceeded about $1.1 billion.
El-Araby explained during the Egyptian-Saudi Business Council sessions, that "Egypt came in second place in terms of new projects in the Kingdom. The volume of non-oil trade exchange has also grown to exceed $4.4 billion, with a growth rate of more than 13 percent annually." On the other hand, Saudi Arabia ranked second in terms of investments in Egypt, as the number of Saudi projects in Egypt reached more than 2,900 projects covering all production and service fields, and the value of the projects amounted to about $27 billion with Saudi contributions exceeding $5.7 billion, as well as the property of the Saudis is one of the real estate assets in Egypt, which exceed billions.”
El-Araby called for the need to expedite the removal of all obstacles by unifying specifications and the foundations of control, especially with regard to agricultural and industrial goods, and to allow the free and easy movement of goods, services and the business community. He also called for overcoming the stage of bilateral relations, and starting joint work to conquer foreign markets, especially after the launching of Egypt of the free trade zone in the African continent, which is integrated with the free trade areas available to Egypt in the Arab world, the European Union, the United States of America and Turkey, which exceed 3.1 billion consumers.
Source (Al-Arabiya.net website, Edited)
